Transfr, a VR-based skills training platform for middle-skilled careers, has secured a $40 million investment in its Series C funding round led by ABS Capital for shaping the future of vocational education and workforce training. This round brings Transfr’s total investment to over $90 million since its inception in 2017.
Transfr’s innovative approach to vocational education targets careers demanding more than a high school diploma but less than a four-year degree. With middle-skills roles constituting over half of the US labor market, Transfr is addressing a crucial need.
Transforming Middle-Skills Education with VR
The company’s virtual reality (VR) platform hosts 300+ simulations, offering hands-on experience in sectors such as Automotive, Aviation, Construction, Electrical, Healthcare, Hospitality, Manufacturing, and more.
Over the years, Transfr has rapidly expanded, now operating in more than 1,000 locations nationwide, including community colleges, trade schools, employers, prisons, and K-12 schools.
Through these initiatives, it has witnessed a tenfold increase in its user base within the last year alone. Trainees have completed over 400,000 simulations, preparing them for real-world middle-skills careers.
Empowering with Strategic Partnerships
The Series C investment, led by ABS Capital, underscores Transfr’s commitment to empowering individuals from diverse backgrounds. JPMorgan Chase Impact Finance and Advisory and existing investors Lumos Capital Group, Akkadian Ventures, Spring Tide Capital, Firework Ventures, and Album participated in this funding round. These partnerships are vital in Transfr’s quest to bridge the education-employment gap efficiently.
Transfr plans to utilize the investment to bolster its executive leadership team further and scale its platform’s impact. The funds will facilitate the development of new training simulations covering an even broader spectrum of skills and scenarios. Additionally, Transfr aims to enhance existing simulations, adding more features and expanding its offerings to include training in Spanish, ensuring inclusivity.
Bharani Rajakumar, Transfr’s CEO and Founder, emphasizes the transformative potential of VR training programs, especially in a labor market where nearly two-thirds of the workforce lack a college degree. Rajakumar’s vision revolves around creating alternative pathways to employment, and this investment significantly accelerates the realization of this vision.
Transfr’s latest funding milestone propels it further toward revolutionizing middle-skills education in America. The infusion of $40 million in Series C funding amplifies the company’s capacity to provide high-quality vocational training, making significant strides in narrowing the skills gap prevalent in today’s job market.
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