Lookout, a mobile security software company, raises $150 million
Lookout, the security software maker for mobile devices, has raised $150 million in Series F funding, Fortune has learned.
T. Rowe Price led the round and was joined by new investors Morgan Stanley, Goldman Sachs, Bezos Expeditions and Wellington Management Company. Previous investors including Andreessen Horowitz, Accel Partners, Index Ventures, and Khosla Ventures also participated in the round. To date, Lookout has raised over $280 million.
Lookout was founded in San Francisco in 2007 by hackers John Hering, Kevin Mahaffey, and James Burgess to develop software that protects mobile devices. They argued that as consumers use their PCs less in lieu of more capable smartphones, the number of security threats to mobile devices would also grow. Today, more than 50 million people worldwide run Lookout’s security app to retrieve lost devices and back up their data.
“Our next target is to hit 100 million subscribers,” Lookout CEO Jim Dolce told Fortune. Expect the startup to pour a significant chunk of that $150 million into the development of new products geared towards reaching large enterprises and new partnerships. It’s similar to the agreement the company announced this July with the British mobile carrier EE stipulating that all of the carrier’s phones running Google’s Android operating system come pre-loaded with Lookout software. Dolce also plans to beef up the startup’s headcount of 240 even further, particularly in engineering, marketing, and sales.
Emphasized Hering, Lookout’s executive chairman: “We’re building this company for the long-term.”