Lookout Banks $150 Million To Sell Its Mobile Security To Bigger Businesses
Seven-year-old startup Lookout can boast 50 million users worldwide who depend on it to keep their phones safe from malware. But what it really wants is the enterprise-sized customer with its thousands of employees–and their phones. So as its new CEO begins a mating dance with the world’s largest corporations, the company’s decided it needed some gaudier plumage to close the deal–$150 million’s worth. Lookout announced Wednesday it’s raised a late-stage financing round of $150 million that more than doubles its funding to date. New investor T. Rowe Price led the round, alongside Goldman Sachs, Morgan Stanley MS +0.03% Investment Management, Wellington Management Company and Jeff Bezos’ investment vehicle Bezos Expeditions. With the big sum of cash and its powerful new friends, Lookout’s hoping to catch the eye of the public sector that it’s setting up shop with an ambition to ultimately join their ranks itself.