Total amount raised
$86 Millions
Latest funding date
04/01/2022
Location
STRIVR has successfully raised significant funding through multiple rounds, with its latest being a Series B round. The company is backed by notable investors, including Workday Ventures, Bank of America, and Accenture Ventures.
Keep reading to explore the intricacies of STRIVR's fundraising journey and the investors backing this innovative platform.
What Is STRIVR?
STRIVR, founded in January 2015 by Derek Belch, Jeremy Bailenson, and Trent Edwards, is headquartered in Palo Alto, California. The company operates in the enterprise software and information technology sectors, specializing in virtual reality and training solutions.
With a team of 51-100 employees, STRIVR leverages extended reality (XR) technologies to enhance workforce performance. Their platform offers immersive learning experiences designed to improve employee engagement, performance, and productivity across various industries.
How Much Funding Has STRIVR Raised?
- Seed Round
- Amount Raised: $5M
- Date: December 2016
- Lead Investors: Signia Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their VR training platform.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: October 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their VR training solutions and increase market reach.
- Series A
- Amount Raised: $16M
- Date: October 2018
- Lead Investors: GreatPoint Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance VR content offerings.
- Series B
- Amount Raised: $30M
- Date: March 2020
- Lead Investors: Georgian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance enterprise VR adoption and expand VR content services.
- Series B Extension
- Amount Raised: $35M
- Date: April 2022
- Lead Investors: Georgian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To address workforce challenges and scale content offerings.
Total Amount Raised: $86M. Current Valuation: Not publicly disclosed.
Key Investors
- Georgian
- Details: Georgian is a growth equity firm that invests in high-growth technology companies. They focus on companies leveraging artificial intelligence and machine learning.
- Investment Focus Areas: High-growth technology companies, artificial intelligence, machine learning.
- Notable Investments: Shopify, FreshBooks, Top Hat.
- GreatPoint Ventures
- Details: GreatPoint Ventures is a venture capital firm that invests in early-stage technology companies. They aim to support innovative startups with high growth potential.
- Investment Focus Areas: Technology, early-stage startups, innovation.
- Notable Investments: Not publicly disclosed.
- Signia Venture Partners
- Details: Signia Venture Partners is a venture capital firm that focuses on early-stage investments. They support companies in various technology sectors.
- Investment Focus Areas: Technology, early-stage companies, innovation.
- Notable Investments: Not publicly disclosed.
- Bank of America
- Details: Bank of America is a multinational investment bank and financial services company. They provide a wide range of financial products and services to individuals, businesses, and governments.
- Investment Focus Areas: Financial services, technology, innovation.
- Notable Investments: Various fintech and technology companies.
- Accenture Ventures
- Details: Accenture Ventures is the venture capital arm of Accenture, focusing on strategic investments in innovative companies. They aim to enhance Accenture's service offerings through these investments.
- Investment Focus Areas: Disruptive enterprise technologies, innovation, strategic investments.
- Notable Investments: Reactive Technologies, SkyHive, Synadia.
What's Next for STRIVR?
STRIVR stands at the cusp of significant opportunities, driven by the increasing need for immersive training solutions. With partnerships spanning major corporations like Walmart and Bank of America, the potential to scale VR training across thousands of employees is immense. This growth is fueled by the ongoing "Great Resignation," where companies are eager to attract and retain talent through innovative training methods.
Future fundraising appears promising as the demand for VR training continues to rise. Strategic investments from giants like Accenture Ventures and Workday Ventures suggest that further rounds of funding are likely, enabling STRIVR to expand its content offerings and platform capabilities. However, the company must navigate challenges such as competition from other VR training providers and the need to continuously innovate to meet diverse industry needs.
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