LifeLock Identity Theft Prevention Service
Announces $6 Million First Round Funding
Investment from Leading Venture Capital Firm Bessemer Venture Partners
Will Drive Growth Initiatives
TEMPE, AZ – (November 13, 2006) – LifeLock, the industry leader in the
prevention of identity theft, today announced it has raised $6 million
in a first round venture investment from one of the world’s leading
venture capital firms, Bessemer Venture Partners. Among other uses, the
funding will be used to extend consumer awareness of LifeLock’s
pioneering, guaranteed services-already the world’s most popular defense
against identity theft.
“We thank our tens of thousands of satisfied customers who made it
possible for us to attract Bessemer as a partner,” said Todd Davis, CEO
of LifeLock. “Bessemer’s century of experience funding ventures in
financial services and information security will help us sustain
LifeLock’s friendly, dependable service through this hypergrowth phase
of our business.”
LifeLock was founded last year by seasoned veterans in the fields of
banking, payment, credit and security who set out to defend individuals
from the onslaught of identity theft at a time when our personal
information credentials are increasingly compromised through the mail,
medical records, and the internet. They crafted a simple, pro-active
service for guaranteed ID theft prevention offered to the public for
just $10 per month or $110 per year. Already, many colleges and
universities, professional associations, credit unions and others have
chosen LifeLock as their preferred ID theft prevention partner.
“The reported rise in data breaches among vendors, banks and web sites
exposes the need for new technology to defend us from the onslaught of
I.D. thieves,” said David Cowan, the Bessemer partner who has joined
LifeLock’s board of directors. “So as Bessemer set out to find and fund
the solution to this problem, it was clear to us that LifeLock has the
winning team, the best technology, and the happiest customers.” Mr.
Cowan’s previous investments include security service providers Postini,
Cyota (acquired by RSA), Counterpane (acquired by British Telecom), and
Verisign, which Cowan co-founded in 1995.
LifeLock was the nation’s first ID Theft Prevention Company that
maintains active fraud alerts with the three major credit bureaus, as
well as ChexSystems. LifeLock gives people control of their own
information, giving them the ability to authorize every risky
transaction such as address changes and opening of credit lines.
LifeLock renders personal information useless to thieves, backing up its
service with a million-dollar guarantee to completely fix any problems
if a client is ever compromised. 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.
About Bessemer Venture Partners
Bessemer Venture Partners 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.