The former local tech darling’s unexpected move followed months of Chris Hulls insisting there was no need for fresh capital.
It might say something that as Life360 shares resumed trading after a surprise $50 million placement to handpicked investors, founder Chris Hulls was squeezing in a visit to Taronga Zoo with his family between meetings with institutional investors and an online interview to spruik the $1.2 billion company to retail shareholders.
Hulls is usually based in the United States and was on his first trip to Australia since before the pandemic began. Still, you’d be forgiven for thinking it may not just be Taronga’s escaping lions that Hulls needs to keep an eye out for.Life360 owns a location tracking app used by parents that has various subscription levels that can track everything from where children are to how fast they are driving. Its mission is to be a leader in locating people, pets and things.
So, how did investors feel about the snap decision to raise new equity? As it turns out, most of the $1.2 billion company’s major investors were happy with the decision to raise new funds at $6.30 a share. That tallies with the company’s market statement: “The placement is a prudent capital management initiative that provides a strong cash buffer at a time of uncertainty across the global macroeconomic environment.”Hulls says that when he got on the plane to come to Australia, the company was “absolutely not doing a capital raise”.
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