Transfr, the US-based pioneer in virtual reality-based skills training for middle-skilled careers, has secured an impressive $40 million in Series C growth capital investment. The round was spearheaded by ABS Capital, with noteworthy participation from JPMorgan Chase Impact Finance and Advisory, alongside existing supporters, including Lumos Capital Group, Akkadian Ventures, Spring Tide Capital, Firework Ventures, and Album. Transfr's total funding now surpasses an impressive $90 million.
This substantial investment will be channeled into further elevating Transfr's VR simulation and training platform while catering to the needs of its rapidly expanding customer base. The company also envisions utilizing this capital injection to bolster its executive leadership team, scale its platform's reach, and open doors for more individuals to explore, learn, and engage with career prospects in high-growth sectors like manufacturing, skilled trades, and healthcare.
Furthermore, Transfr is committed to expanding its array of training simulations, covering a broader spectrum of skills and scenarios. It aims to enhance existing simulations with added features and even plans to offer training modules in Spanish.
Bharani Rajakumar, Transfr's visionary founder and CEO, emphasized the significance of this investment in reshaping the American workforce. "About two-thirds of the American workforce do not have a college degree," Rajakumar noted. "There is a massive opportunity for both private and public entities to utilize VR training programs to create alternative pathways to employment."
As part of this transformative phase, ABS Capital Partners' Phil Clough will join Transfr's board of directors, and Jennifer Krusius, also a Partner at ABS Capital, will serve as a board observer.
Phil Clough expressed his confidence in Transfr's potential, stating, "We believe that Transfr and its experienced management team are uniquely positioned to capitalize on the tailwind from the challenges in the labor market by providing innovative training solutions."
Jennifer Krusius added, "Transfr’s VR platform offers a cost-effective alternative in the educational landscape that can reach many workforce candidates that otherwise would not have had access to this level of training and coaching."
Founded in 2017 by Bharani Rajakumar in New York, Transfr offers immersive-simulation training for careers in high-demand sectors, offering real-world experience in job-relevant skills. Trainees use VR headsets and are guided through simulations by digital coaches, fostering career exploration, job training, and skill assessment. This groundbreaking platform continually enhances the quality of VR simulations while reducing development costs.
Transfr's mission revolves around democratizing access to quality education and employment opportunities. Its innovative VR platform hosts over 300 simulations tailored for careers that do not require traditional four-year degrees. With an extensive customer base that includes government agencies, Fortune 500 companies, community organizations, and educational institutions, Transfr has already made a significant impact, with installations in over 1,000 locations across the US and almost 400,000 training simulations facilitated. This latest funding milestone propels Transfr further on its mission to transform workforce training and bridge the gap for millions of Americans seeking new career paths.
