Evolv Technologies Holdings, Inc., which provides security solutions to stadia and arenas, has secured a new $75 million credit facility with MidCap Financial.
Investing.com said the cash injection consists of a $60 million tranched term loan and a $15 million revolving credit facility.
The security technology company, which specializes in AI-based screening solutions, plans to use the proceeds for general corporate purposes, primarily to support growing demand for its subscription sales model.
Through this model, customers lease the company’s security hardware while entering into multi-year security-as-a-service subscriptions.
Evolv delivers non-invasive security screening solutions under a unified ecosystem of AI-based advanced security technologies—helping make spaces safer for people to live, work, learn, and play.
Chris Kutsor, Chief Financial Officer of Evolv Technology, said, “We’re pleased to partner with MidCap Financial on this new credit facility, which provides non-dilutive capital on favorable terms to support the continued growth of our business.”
Evolv Technology recently employed its Evolv Express weapons screening system to help transform the experience for fans as they entered the stadia at the inaugural FIFA Club World Cup in the U.S.
Express units were in use for fan entry screening at each of the tournament’s 12 host stadiums and for ingress screening at additional sites where participating teams had been training between matches.
In total, more than 100 Express units were deployed. Evolv Express uses advanced sensor technology and AI to detect concealed threats and identify the person and location of the potential threat — while allowing people to move through checkpoints at their natural walking pace.
The system is designed to screen visitors effectively while helping minimize congestion and disruptions to traffic flow at entry points.
Evolv also last month renewed its Evolv Express subscription agreement with Major League Soccer’s Columbus Crew, one of the company’s first professional sports customers.
The agreement, originally made in early 2021, provides 10 Express systems and covers all entrances to Lower.com Field, the Crew’s home venue in Columbus, Ohio.
Express was originally specified in the architectural design for Lower.com Field, a soccer-specific stadium with a capacity of 20,139.
The venue, which is located in downtown Columbus, Ohio, hosts all Crew home games, international men’s and women’s soccer matches, and a diverse calendar of other events. In total, more than 2.1 million guests have been screened by Evolv systems upon entry.
Brandon Covert, Vice President of Information Technology for Haslam Sports Group, the parent company that owns the Columbus Crew and the Cleveland Browns, said, “Since Day One at Lower.com Field, we have relied on Evolv to deliver entry screening that is secure, efficient, and convenient for our guests.
“For more than 125 major events, including the MLS Cup Final in 2023 and the MLS All-Star game last year, the Evolv systems have consistently delivered. We’re pleased to continue our relationship with the company for years to come.”
Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.
Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at coliseum-online.com/alliance and make use of the 365Coliseum Business.