The Life360 Inc (ASX: 360) share price is climbing higher this morning. At the time of writing, the Life360 share price is up 7.44%, fetching for $6.75mm
Shares in the San Francisco-based family app maker gained 4.9% yesterday. Though this pales in comparison to the company's share price performance over the past year. In this time the Life360 share price has risen an astonishing 206%.
Let's look through the latest announcement.
Life360 share price gets celeb lift
Investors are buying up the Life360 share price this morning after an update released after hours yesterday.
According to the release, the company has created a Family Advisory Council that will bring together well-known celebrities and influencers to help shape the company's product and marketing strategy.
Moreover, underpinning this is an investment round of approximately US$2.1 million. This is being led by Bryant Stibel, the investment group founded by the late Kobe Bryant and Jeff Stibel.
Other participants in the investment round include Vanessa Bryant (wife of the late Kobe Bryant), Tony Hawk; Nicole and Michael Phelps; Billy Perry; Jada and Chris Paul; and Chip and Joanna Gaines. Particular details regarding the Life360 share pricing for the round were not disclosed.
The aforementioned individuals are all users of the Life360 mobile app. As such, their families will provide input into the Family Advisory Council. This will aim to help create new features to build further trust between parents and children.
Acquisition update and founder loans
Shareholders will also be pleased to read that Life360 is continuing to progress through the due diligence phase of its Jiobit acquisition.
The provider of wearable location services for young children, pets, and seniors was originally proposed to be acquired on 27 April 2021. Life360 now anticipates the deal will be closed within 30 days with no material changes to the original terms.
On a different note, the company's founders Christopher Hulls and Alex Haro have taken out personal loans using a portion of their Life360 shareholdings as security.
Additionally, the personal loans totalling $10.5 million and $5.5 million respectively have been sourced via a third-party lender. The funds will be put towards personal interests including Haro's new venture (MyMoneyKarma), angel investments, and real estate.
The loan facility has a maturity date of 24 months. It has been securitised by 17.8% of Chris Hulls' and 17.4% of Alex Haro's shareholdings.
Future outlook
Lastly, the company disclosed the trading outlook. According to Life360, indications of improving performance in the second half of CY21 continue. This is thanks to a return to normal activities and user experience improvements being well received.
Furthermore, app downloads have surged due to being widely shared on TikTok. While the company expects this phenomenon is transitory, the push has led to its app being the most downloaded in more than 11 countries over the past month.
Consequently, CY21 annualised monthly revenue is expected to land towards the higher end of guidance of US$110 million to US$120 million.
At the time of writing, the Life360 share price is up 7.5% to $6.72 a piece.
