Life360, a family location-sharing app, is considering a Nasdaq listing.
Life360 has announced its intention to invest in Hubble Network, a satellite business founded by co-founder and director Alex Haro.
The family location-based service is planning a U.S. initial public offering (IPO) on Nasdaq to raise up to US$100 million (A$151 million), with the number of shares and price range yet to be determined. The company made this announcement following recent investor support, allowing them to introduce ads on their platform for additional revenue.
Although Life360 considered a dual listing on Nasdaq in 2021, they decided against it due to the decline in tech stocks caused by rising interest rates. Now, the company believes reviving this plan will expand its investor base in the U.S. as CEO Chris Hulls looks to advance the company’s growth.
The IPO will involve a primary issuance of new Life360 shares and a secondary sale of existing shares to minimize dilution for current stockholders. The company aims to list its common stock on the Nasdaq Global Select Market under the ticker symbol “LIF.”
Life360 is now positioned as a key player in the tracking subsector, competing with industry giants like Apple and Samsung. Their first-quarter revenue increased by 15 percent year on year, reaching $78.2 million, with subscription revenue up 19 percent to $61.6 million.
In addition to their IPO plans, Life360 has revealed their investment in Hubble Network, a satellite business launched by co-founder Alex Haro. This partnership aims to enhance the tracking capabilities of Life360’s consumer devices by utilizing Hubble’s satellite technology for global coverage.
By integrating Life360’s Bluetooth finding network with Hubble’s satellite technology, the company hopes to develop global tracking solutions for assets without relying on cellular connections. The initial launch of this network is anticipated in early 2025, with the potential to revolutionize enterprise tracking services.
