Tencent is set to exit the location-tracking technology developer in an acquisition by Life360 that follows over $100m in venture funding.

Life360, a provider of family safety management software, revealed on Monday it plans to buy US-based item-tracking software developer Tile in a $205m deal that would enable internet group Tencent to exit. Tile has created a cloud software platform which enables users to find missing consumer items by triggering a ringing sound that can be tracked using the company’s mobile app. The company’s chief executive, CJ Prober, will continue to run it as an independent product and is set to join Life360’s board of directors. Tile had raised a total of over $104m as of a $45m series C round led by private equity firm Francisco Partners in mid-2019. Tencent led Tile’s $3.5m seed round, which was disclosed in 2014 together with a $9.5m series A round led by GGV Capital. It also took part in an $18m series B round in 2016 alongside GGV, Bessemer Venture Partners, Khosla Ventures and Tandem Capital. Other investors set to exit through the transaction include SVB Financial Group, Bryant Stibel, AME Cloud Ventures and Slow Ventures. Life360’s co-founder and CEO, Chris Hulls, said: “Life360 is on a mission to simplify safety so families can live fully. With the acquisition of Tile, we will now be able to provide a unique and all-encompassing solution for finding the people, pets and things that families care about most. “This acquisition marks a key step forward towards Life360 achieving its vision of being the world’s leading platform for safety and location services. We are thrilled to welcome Tile to the Life 360 family.” Photo courtesy of Tile Inc.

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.