LifeLock secures $25m in series c funding
23 January 2008 | 2253 views | 0
LifeLock CEO Todd Davis announced today that the organization has secured $25 million in Series C funding led by the Goldman Sachs Group.
LifeLock will use the funding to further support the company's astounding growth and to continue its mission in providing an exemplary service to those people concerned with identity theft.
"We will use these funds as we support our remarkable growth and as we continue to look for ways to reach and educate the millions of Americans that are unaware of the threat posed by identity thieves. We would like to thank Goldman Sachs for their investment in us," said Davis.
Founded in 2005 by a series of professionals in the banking, payment, credit and security industries, LifeLock has grown into one of the fastest growing companies in Arizona. These individuals have set out to defend Americans from the onslaught of identity theft at a time when personal information is compromised daily.
Located in a secure facility in Tempe, Arizona, LifeLock enables "locks" by setting and automatically renewing fraud alerts with the major credit bureaus, removing member names from pre-approved credit card offers and junk mail lists. It is backed by a $1 million service guarantee. Recently, LifeLock added an additional service to all members - free of charge - called WalletLock. WalletLock works to cancel and replace all documents and personal identifying information inside a wallet if it is lost or stolen.
"Our investment in LifeLock is consistent with our desire to partner with leading companies in capturing outstanding market opportunities," said Gene Yoon of Goldman, Sachs & Co. "This investment underscores our belief in LifeLock's market position and value proposition in protecting consumers from a highly pervasive problem."
Along with Goldman Sachs, additional investors include Series B investor Kleiner Perkins Caufield & Byers and the Series A lead investor Bessemer Venture Partners.