Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

Lookout Raises $150 Million to Grow Enterprise Mobile Security Business

In an effort to tap the growing demand from large businesses for mobile protection solutions, San Francisco-based Lookout, announced on Wednesday that it has raised a massive $150 million round of funding.

In an effort to tap the growing demand from large businesses for mobile protection solutions, San Francisco-based Lookout, announced on Wednesday that it has raised a massive $150 million round of funding.

The company currently claims a customer based of more than 50 million consumer users, of which a small percentage (millions according to the company) are paying customers.

While the company will continue to grow its consumer business, it has its eyes on the lucrative enterprise technology market, and will use the new funds to extend its reach to large enterprises through new product development and expanded go-to-market efforts.

“The proliferation of mobile devices in the workplace has created a new set of security challenges for large enterprises,” said Jim Dolce, CEO of Lookout. “With this new funding and our expanding footprint of consumer users, Lookout is best equipped to deliver the solutions large enterprises need to protect their businesses from increasingly sophisticated threats targeting mobile devices.”

Lookout hopes to help enterprises address mobile threats by extending its core technology to “offer a holistic and integrated approach” to enterprise mobile security.

“Mobile is the next frontier for enterprise security globally,” said Henry Ellenbogen Portfolio Manager at T. Rowe Price Associates, Inc. “As an emerging leader in mobile security, we believe that Lookout has a huge opportunity ahead of it.”

Three of the four largest mobile operators in the U.S. partner with Lookout to offer mobile security to their subscribers, Lookout said.

Advertisement. Scroll to continue reading.

 The funding round was led by investment funds managed by T. Rowe Price, and includes participation from new investors Morgan Stanley Investment Management, Wellington Management, Goldman Sachs and Bezos Expeditions. Existing investors Mithril Capital Management, Khosla Ventures, Accel Partners, Index Ventures and Andreessen Horowitz also participated in the round.

Written By

For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.

Click to comment

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

SecurityWeek’s Threat Detection and Incident Response Summit brings together security practitioners from around the world to share war stories on breaches, APT attacks and threat intelligence.

Register

Securityweek’s CISO Forum will address issues and challenges that are top of mind for today’s security leaders and what the future looks like as chief defenders of the enterprise.

Register

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Cybersecurity Funding

SecurityWeek investigates how political/economic conditions will affect venture capital funding for cybersecurity firms during 2023.

Funding/M&A

Thirty-five cybersecurity-related M&A deals were announced in February 2023

Funding/M&A

Forty cybersecurity-related M&A deals were announced in January 2023.

Funding/M&A

Seventeen cybersecurity-related M&A deals were announced in the first half of February 2023.

Funding/M&A

More than 450 cybersecurity-related mergers and acquisitions were announced in 2022, according to an analysis conducted by SecurityWeek

Mobile & Wireless

Infonetics Research has shared excerpts from its Mobile Device Security Client Software market size and forecasts report, which tracks enterprise and consumer security client...

Cybersecurity Funding

Network security provider Corsa Security last week announced that it has raised $10 million from Roadmap Capital. To date, the company has raised $50...