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CEO Michael Hagan Joins Investors in Arming Wireless Home Security Business
Yardley, PA – June 16, 2010 – LifeShield Security™, the world’s first all digital home security system today announced the closing of its second round of funding. Formerly InGrid Home Security, LifeShield is the first national, professional grade and professionally monitored wireless security system that is easy to set up through a simple “plug and protect” process. LifeShield boasts superior protection and the best value in home security.
Since December 2009, LifeShield has raised nearly $11 million in business enterprise funding through two separate funding events. First round investors were Associated Partners, CenterPoint Ventures, Novak Biddle Venture Partners, Novitas Capital and former NutriSystem CEO Michael Hagan. Second round investors include earlier investors Associated Partners, CenterPoint Ventures, Novitas Capital, and Michael Hagan, with new additional funding coming from First Round Capital, MHS Capital, and NewSpring Growth Capital.
“We were thrilled when Mike Hagan agreed to bring his proven leadership skills and extensive marketing experience to work with founder Louis Stilp on his industry-changing technology and products,” said David Berkman of Associated Partners. “The home security business is more than ready for a new player that offers consumers a better all around value.”
Michael Hagan joined the company as President and Chief Executive Officer in December 2009 and is also a significant investor in the company.
“I chose to invest in this company both professionally and financially because I see a huge opportunity here. This industry is essentially dominated by two national security companies operating under a business model designed to hold customers hostage with long-term contracts, high monthly monitoring fees and exorbitant installation costs,” said Hagan. “The technology behind LifeShield allows us to offer an exceptional, multi-functional home security system that is in keeping with today’s technologically-advanced, wireless consumer. And by removing the unnecessary middleman, we can deliver major cost-savings right back to our customers.”
“Like some of my venture counterparts here, we invested in NutriSystem back in the early part of the decade and enjoyed an extraordinary ROI,” noted Michael DiPiano, NewSpring Growth Capital. “So the winning combination of another consumer category ripe for upset, a proven direct-to- consumer business model and Mike Hagan at the helm again, made this opportunity too good to pass up.”
Funds will be used to fuel the re-launch of the business under the new LifeShield brand, as well as a soon-to-break national media awareness campaign employing national television, print, internet, and radio to acquire new customers. National ads featuring Dan Marino as the company spokesperson will break later this month.
About LifeShield Security
LifeShield Security™, formerly called InGrid Home Security, is the world’s first all digital home security system. LifeShield is the first national, professional grade and professionally monitored wireless security system that uses an easy to set-up “plug and protect” process, providing superior home protection and the best value in total home security. For more on LifeShield Security, visit www.lifeshield.com.
About the Investors
Associated Partners L.P. is a private investment partnership focusing on long term value creation across the telecommunications, internet, media, technology and infrastructure sectors. The firm’s core group of principals has extensive investment and operating experience in these industry segments.
CenterPoint Ventures is one of the largest early-stage venture capital firms based in the Southwest. Founded in 1996, they have helped scores of entrepreneurs build successful, enduring companies that deliver long-term value to investors, founders, employees and customers alike.
First Round Capital is a seed-stage venture capital firm dedicated to helping talented entrepreneurs build great companies. With over 80 portfolio companies and often providing a company’s first outside capital, First Round Capital invests nationally and has offices in New York, San Francisco, and Philadelphia.
MHS Capital is a venture capital firm backed by an extraordinary group of technology executives, including senior executives from every major Internet portal, and a deep roster of serial entrepreneurs currently building leading software and Internet companies. MHS is located in San Francisco.
NewSpring Capital, based in Radnor, Pennsylvania, and Short Hills, New Jersey, is a leading provider of private equity capital to the Mid-Atlantic region. NewSpring Capital currently manages over $500 million across three distinct investment strategies through its family of funds. NewSpring Growth Capital provides equity capital to growth and expansion stage companies with a focus on business services, enabling technology and information technology.
Novak Biddle Venture Partners provides equity financing and assistance to the management of young, information technology companies. They seek investment opportunities where the combination of ideas, dollars, experience, and relationships can create long-term, sustainable value.
Novitas Capital (formerly PA Early Stage Partners) is an early stage venture capital firm which, for more than a decade, has successfully invested in and generated returns on early-stage technology and life science companies. Based in Wayne, PA, Novitas currently has more than 30 active portfolio companies with about $240m under management across three venture funds.