Lifelock gets $6 million from Kleiner Perkins

6 Comments

Lifelock, an online identity management and identity theft prevention company based in Phoenix has raised $6 million in Series B funding from Kleiner Perkins Caufield & Byers, according to sources familiar with the company. Lifelock is currently being valued in excess of $40 million.

The company, which has about 100,000 paying customers, received $2 million in seed funding, and another $5 million from Bessemer Ventures prior to this round of funding. The start-up, which is said to be profitable is a competitor to TrustedID, Truston and Intersections.

And in other VC news….

  • TechForward raised an undisclosed amount in Series A financing led by First Round Capital. The LA-based start-up basically allows consumers to recoup the value of their consumer electronic devices via trade-ins. Not bad in these days of short life cycles for devices.
  • Wiral Internet Group’s Stockholm-based shopping service has raised a $2.8 million investment from Northzone Ventures for its new product, TestFreaks, which will “extract, analyze and process information from different areas such as expert reviews, user reviews, video reviews, blogs, news sites and forums.”
  • Podbridge has raised $8.5 Million in series B funding led by Sutter Hill Ventures, along with Mayfield Fund and Worldview Technology Partners.

6 Comments

Lifelock is working

Guys, if you measure the id theft industry in North America by volume and then compare the stolen money of Todd it will prove that it is working. However, it is very great post and very valuable comments I been reading. However if you want to read more about the identity theft in North America, please visit. http://www.identitytheftprotectionlock.com/. I thought to share it with you.

Pat Mitchell

Amazing what a crook LifeLock’s founder (Maynard) has turned out to be. You can’t trust anyone based on their website. That’s why when I was looking for identity theft protection, I chose RelyData (http://www.relydata.com/) because they are the ONLY company recommended by the credit bureaus.

Robert Maynard

Om – Here are the details, as promised.

TEMPE, AZ — (April 26, 2007) — LifeLock today announced that it has secured $6.85 million in Series B funding from a trio of prominent venture capital firms led by Kleiner Perkins Caufield & Byers. LifeLock will use the funding to support the company’s dramatic growth and further its mission to increase consumer awareness and adoption of LifeLock’s guaranteed services.

“We see significant potential for LifeLock given its unique and guaranteed offering,” said Ted Schlein, KPCB partner. “Increasingly innovative criminals, the digitization of society and the rapid growth of the Internet will fuel the need for the effective and sophisticated services that LifeLock will deliver for years to come.”

Along with Kleiner Perkins Caufield & Byers, the additional investors included Series A lead investor Bessemer Venture Partners and new investor, Phoenix-based Biltmore Ventures.

“This investment provides financial strength that will allow us to sustain our rapid growth and solidify our position as the industry leader in protecting Americans from identity thieves,” said Todd Davis, CEO of LifeLock. “We will use these funds to improve service for our existing customers and to connect with the millions of potential customers who believe they may be at risk of identity theft. We thank Kleiner Perkins Caufield & Byers, Bessemer Venture Partners and Biltmore Ventures for their investment and commitment to helping us combat one of the fastest growing crimes in the U.S.”

LifeLock (www.lifelock.com) was founded in 2005 by seasoned veterans of the banking, payment, credit and security industries. These individuals have set out to defend American citizens from the onslaught of identity theft at a time when personal information is increasingly compromised through low-tech fraud, security breaches and the Internet. The founders crafted a simple, proactive service that can help prevent identity theft that is offered to the public for just $10 per month or $110 per year. To date, more than 100,000 adults and children have already enrolled in the service.

LifeLock helps consumers to render their personal information useless to thieves, backing up its service with a million-dollar guarantee. Located in a secure facility in Tempe, Arizona, LifeLock is a private company registered with Dun & Bradstreet, Verisign, ScanAlert, HackerSafe, and the BBBOnline Reliability Program, and is a corporate sponsor of the National Crime Prevention Council. Recently LifeLock was named to the Red Herring 200, as one of the 200 most innovative and promising private ventures in the United States and Canada.

Kleiner Perkins Caufield & Byers
Since its founding in 1972, KPCB (www.kpcb.com) has backed entrepreneurs in over 475 ventures, including AOL, Align Technology, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Google, IDEC Pharmaceuticals, Intuit, Juniper Networks, Netscape, Lotus, LSI Logic, Sun Microsystems, Symantec, Verisign and Xilinx. More than 150 of the firm’s portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions.

About Bessemer Venture Partners
Bessemer Venture Partners (www.bvp.com) is the oldest venture capital practice in the United States, carrying on a tradition of hands-on, active investing that has continued since 1911. The firm manages two billion dollars of venture funds from offices in Silicon Valley, Boston, New York, Shanghai, and Mumbai. Over 100 Bessemer companies have gone public, including Blue Nile, Ciena, Gartner Group, Ingersoll Rand, International Paper, Maxim, Parametric, Perseptive Biosystems, Staples, VeriSign, Veritas and W.R. Grace.

About Biltmore Ventures
Biltmore Ventures is a Phoenix-based venture firm chartered to grow the Arizona private capital marketplace. The firm provides capital to local entrepreneurs focusing on high-growth businesses with an integral Internet component. The Biltmore team has over 50 years experience as entrepreneurs, investors, architects, and team builders.

Robert Maynard

OM –

Sorry to rain on your parade, but your information is inaccurate. We’ll be announcing something soon, but it is substantially different than what you are reporting. I’ll be sure to update you here when we’re ready.

Co-founder
Chief Marketing Strategist
LifeLock

Comments are closed.