Life360, the US-based family-tracking technology provider backed by corporates ADT, BMW and Duchossois Group, has raised more than A$145m ($105m) in its initial public offering.
Life360 issued 23.5 million chess depositary interests (CDIs) – with three CDIs representing one share – on the Australian Securities Exchange, priced at $3.46 each to raise $81.5m. Certain existing shareholders sold another 6.8 million CDIs to bring the total proceeds from the offering to $105m.
Founded in 2008, Life360 has developed web and mobile apps that enable family members to locate each other on a map and be notified when others arrive at a predefined location such as home, school or work. Users can communicate privately with each other and in group chats through the app.
The company also offers a feature that detects when a user is involved in a car crash and automatically alerts emergency services. The IPO proceeds will drive international expansion efforts and support its plans to develop home and car insurance products as well as home security devices.
Life360 has raised at least $92m in funding according to press reports and regulatory filings. Automotive manufacturer BMW injected an undisclosed sum in 2013 through its BMW i Ventures unit, before venture capital firm DCM Ventures led a $10m round later the same year.
Duchossois Group, a distributor of access control products for commercial and residential properties, injected $7m in the company towards the end of 2013, and home security product maker ADT supplied $25m in series C capital the following year.
Life360 subsequently secured $18.5m in 2017 according to a securities filing. Its earlier backers include Fontinalis Partners, Seraph Group, Bessemer Venture Partners, 500 Startups, Kapor Capital, Venture51, Bullpen Capital, Social Leverage and EchoVC Partners.
ADT owned a 12.4% stake in Life360 ahead of the initial public offering which has been diluted to 10.4%. Its other notable shareholders are Seraph, which holds a 6.1% stake post-IPO through its Seraph Life360 vehicle, Fontinalis (5.3%) and Life360 chief executive Chris Hulls (6%).
Credit Suisse and Bell Potter are joint lead managers for the offering while DLA Piper is legal adviser.
