New Investor Spark Capital Leads Round with Additional Funding by Syncom
Venture Partners and Participation from Existing Investors Including
Lockheed Martin, GE Security, Baker Capital and Lehman Brothers.
NEW YORK, Aug. 20 /PRNewswire/ -- Clear(R), the fast pass for airport security, has secured $44.4 million in venture funding. Led by new investor Spark Capital, this round also includes a second investor Syncom Venture Partners, and existing investors Lockheed Martin, GE Security, Baker Capital, Lehman Brothers, and Clear founder and CEO Steven Brill. Clear will use the financing to further its membership growth in its existing markets and will also expand its signature fast lanes this fall and beyond with airport installations expected in new major markets across the country.
Clear members are pre-screened and, after application completion which involves providing iris and fingerprint images, receive a card that allows access to fast security lanes nationwide. Clear members' identities are assured through biometric verification every time they go through airport security.
Clear lanes feature concierges whose assistance speeds throughput while making passage through airport security more hassle-free. Clear's annual membership fee is $128. The Clear concierge service alone has made Clear lanes 30 percent faster than regular security lanes and Clear plans to improve that even more through enhanced technology which, once approved by the US Government, could allow cardholders not to have to remove shoes, outer garments or laptops as they pass through the security checkpoint.
Clear was recently featured in a Conde Nast Traveler story which reported that there are an estimated 8 million fliers who take at least two trips per month and who are Clear's target market.
"Spark's and Syncom's new support, along with this renewed support from
our existing partners, assures that Clear will now be able to proceed to
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