Life360 Secures $2.1M Investment from Celebrities & Influencers

Life360 Secures New Investment and Launches Family Advisory Council

Life360, a prominent application focused on family communication and location tracking, has revealed a new funding round. This investment will facilitate the inclusion of several well-known investors and influencers, collectively forming a dedicated “Family Advisory Council.” The council’s purpose is to contribute to the evolution of Life360’s product development and marketing strategies.

Investment Details and Financial Performance

The investment round totals approximately $2.1 million and was spearheaded by Bryant Stibel, the venture firm established by the late Kobe Bryant and Jeff Stibel. Notable participants in this round encompass Vanessa Bryant, Chip and Joanna Gaines, Tony Hawk, Chris and Jada Paul, TikTok personality Billy Perry, and Michael and Nicole Phelps.

Having been publicly traded on the Australian Securities Exchange (ASX) for the past two years, this funding initiative primarily aims to onboard stakeholders who can amplify awareness of Life360’s services. The company anticipates exceeding $110 million USD in revenue this year, supported by a user base of over 28 million monthly active users across more than 195 countries. Currently, 916,000 families are subscribers to Life360’s premium services as of March 2021.

The Role of the Family Advisory Council

Life360 intends for the newly formed Family Advisory Council, comprised of the celebrity investors, to leverage their personal family experiences. This input will be instrumental in guiding feature enhancements and refining the overall product and marketing approach.

The company is actively striving to address concerns raised by family members, aiming to establish its app as a tool valued by all users, not solely as a monitoring device for parents. CEO Chris Hulls engaged with teenagers on TikTok last year to understand their privacy concerns, leading to the development of “Bubbles,” a feature that displays a general location area rather than a precise pinpoint.

Focus on Privacy and Family Trust

This feature is designed to provide adolescents with a greater sense of independence while simultaneously fostering trust between parents and children. The Family Advisory Council is expected to facilitate a more streamlined process for gathering similar feedback from families.

“Traditionally, investing and advising companies is an activity reserved for adults, not one shared with their children,” stated Hulls. “We are pioneering a unique opportunity to collaborate on product development alongside our children. The endorsement from these influential figures underscores our commitment to becoming the leading provider of family safety solutions.” He further emphasized Life360’s ambition to cultivate a brand that resonates with both parents and their children.

Investor Perspectives

Vanessa Bryant, a new investor, commented, “I am deeply passionate about ensuring children have the opportunities they deserve.” She highlighted Life360’s role in enhancing family safety through features that simplify carpooling and provide location awareness during school activities and sports practices. She also expressed appreciation for the driving safety features, including speed and phone usage monitoring, particularly with a teenage driver.

Expanding Beyond Location Tracking

While initially recognized for its location-based services, Life360 is actively diversifying its offerings to differentiate itself from competitors like Apple’s Find My app and services offered by mobile carriers. The company now provides a comprehensive suite of family tools, including features for driving safety, emergency support, and identity protection.

Recent Acquisitions and Leadership Changes

Earlier this year, Life360 announced the acquisition of Jiobit, a wearable device manufacturer, to broaden its tracking capabilities to include family members who do not have smartphones, such as young children and pets. The $37 million acquisition is expected to be finalized within approximately 30 days.

These developments follow the appointment of Randi Zuckerberg to Life360’s Board of Directors and the addition of Russell Burke (CFO) and Jonathan Benassaya (CPO) to the executive team last year, with a focus on refining the company’s business model and product strategy.