Evolv, a startup that makes touchless security technology for large venues, is going public through a SPAC as vaccine rollouts lead to reopening measures.
- The deal with Newhold Investment Corp. values the combined company at $1.7 billion. That's more than 10 times the $100 million private valuation Evolv received in January 2020, according to PitchBook data.
- The combined company is expected to receive $470 million in cash through the transaction, including a $300 million PIPE anchored by Motorola and institutional investors, as well as athletes like Peyton Manning and Andre Agassi.
- Waltham, Mass.-based Evolv was previously backed by Bill Gates, Jeb Bush, Lux Capital and General Catalyst.
- The company designed its services to address threats posed by mass shootings and terrorism. It added rapid temperature screening last year in response to the pandemic.