CLEAR will be looking to raise its profile outside of the air travel industry after bringing in $100 million in its latest strategic funding round. The funds come from a diverse group of new and previous investors, who collectively represent a wide variety of industries. In that regard, CLEAR argues that the investment speaks to the broad appeal of its biometric technology.
The leaders of the funding round are Enlightened Hospitality Investments, the Partnership Fund for New York City, and 32 Equity, the latter of which is the investment arm for the NFL. Liberty Media, Safely LV, and Michael Jordan’s family office are some of the other new backers, while BOND, Durable Capital Partners, General Atlantic, and Revolution Growth are some of the former backers making another contribution. LionTree Partners is a new backer that also acted as CLEAR’s financial advisor during the funding round.
When discussing its expansion plans, CLEAR called particular attention to its new Health Pass solution. The mobile app allows users to upload health information like their vaccination credentials or the results of a COVID-19 test, giving them a discreet way to share their health status without disclosing any other personal information. CLEAR is hoping that the solution will help facilitate the safe re-opening of the economy in the midst of the pandemic.
“To reopen our brick and mortar economy and restore the personal interactions that make New York the most vibrant city in the world, we need the CLEAR Health Pass,” said Partnership for NYC President and CEO Kathryn Wylde. “That is why we are encouraging businesses to embrace the CLEAR model so they can bring people back to the office and ensure the safety of our shops, restaurants, theaters and entertainment venues much more quickly than would otherwise be possible.”
Health Pass is compatible with COVID-19 test results from LabCorp and Quest Diagnostics. The solution has proved to be extremely popular with sports organizations like the LA Football Club and the NHL, which are using Health Pass to enable safe competition.
February 8, 2021 – by Eric Weiss