Clear, a US-based identity verification technology developer backed by corporates Liberty Media, Union Square Hospitality Group, the National Football League (NFL) Delta Air Lines and United Airlines, has filed for a $100m initial public offering.
Founded in 2010, Clear has built an automated, biometric security system that allows airline passengers to be quickly screened through airport security. Its equipment is also used at music concerts and sporting events.
The company’s revenue increased by 20% to $231m in 2020, from the $192m reported the year before, while its net loss shrank from $54.2m in 2019 to $9.3m.
Clear raised $100m in a February 2021 funding round that included restaurant operator Union Square’s Enlightened Hospitality Investments subsidiary, media group Liberty Media and the NFL’s venture capital fund, 32 Equity.
Partnership Fund for New York City also backed the February round, as did LionTree Partners, Bond, Durable Capital Partners, General Atlantic, Revolution Growth, Jim Murren, Michael Jordan’s family office and Stephen Cloobeck’s Safely LV vehicle.
Airline operator United Airlines completed an investment of undisclosed size in Clear in mid-2019, after investment manager T Rowe Price and Revolution Growth had invested an unconfirmed sum six months earlier.
T Rowe Price also supplied $15m for the company in 2017, after air carrier Delta Air had provided an undisclosed amount to acquire a 5% stake the previous year.
Funds and accounts advised by T Rowe Price led a $20m round for Clear in 2015 with backing from Sterling VC and angel investors Jeffery H Boyd, Robert Mylod and Bill Miller.
Shareholders with a 5% stake or more in Clear include T Rowe Price, General Atlantic, Bill Miller, Delta Air and Durable Capital.
Alclear Investments and Alclear Investments II, entities controlled by Clear co-founder and CEO Caryn Seidman-Becker and co-founder, president and CFO Kenneth Cornick respectively, are also among the company’s notable shareholders.
Goldman Sachs, JP Morgan, Allen & Company, Wells Fargo Securities, LionTree, Stifel, Telsey Advisory Group, Centerview Partners, Loop Capital Markets and Roberts & Ryan have been appointed as underwriters for the offering, which is set to take place on the New York Stock Exchange.