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Life360, a technology company that helps people track the whereabouts of loved ones and belongings, went public on Thursday.
The company conducted its initial public offering on the Nasdaq under the ticker “LIF” at $27 a share, with co-founder and CEO Chris Hulls ringing the opening bell.
Tracking app company Life360 listed on the Nasdaq on Thursday. (Rafael Enrique/SOPA Images/LightRocket via Getty Images / Getty Images)
Life360’s popular app of the same name, which allows family members to track each other’s locations, has about 66 million active users worldwide. The San Francisco-based company also owns Jiobit, a tracking device for children, elderly family members and pets, and Tile, a line of tracking devices.
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The idea for Life360 came after the founders saw affected families having trouble finding each other after Hurricane Katrina, Hulls told FOX Business in an interview. So they prototyped an app for emergencies, then realized families could use it on a day-to-day basis to share their locations for safety and communication.
Life360 CEO Chris Hulz said the company receives success stories from satisfied customers every day. (Rafael Enrique/SOPA Images/LightRocket via Getty Images / Getty Images)
Hulls said the company now hears success stories from users on a daily basis.
“We get testimonials like, ‘My son was driving down a country road and he got into an accident and he lost consciousness. If your app hadn’t detected that and called 911 and got us out of the situation, we would never have noticed and he might have died. Thank you for saving my son’s life,'” he recalls. “So it’s obviously a great validation of our mission and I’m really pleased with what we’re doing.”
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Life360 is currently one of the top five social networking apps in the U.S. and has a sizable free user base, but the company believes it’s only just scratching the surface in terms of market penetration.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| life | LIFE360 INC. COM USD0.001 | 27 | +1.00 | +3.85% |
Last year, Life360 reported revenue of $304.5 million, a 33% increase from the previous year, with subscription revenue up 44% year over year.
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Only one in eight Life360 users are paying subscribers, and the company hopes to significantly increase that number as it continues to add features. It also plans to incorporate advertising into the free version of the app this year as an additional revenue stream.
