Apprenticeship tech startup value $1.7 billion after latest funding

The edtech startup, Multiverse, which was founded by Euan Blair, the son of former British PM Tony Blair, has recently received $220m

Multiverse, an edtech startup that connects companies with apprentices, has received $220 million in funding, bringing the company’s valuation up to $1.7 billion.

This valuation makes Multiverse Europe’s latest edtech unicorn.

The startup was created by Euan Blair in 2016 and aims to level the playing field by providing an alternative to university, matching companies with young people looking for quality apprenticeships.

The apprenticeships are tuition-free and salaried, and cover areas that range from software engineering to digital marketing. Multiverse also provide training as part of the application process.

So far, Multiverse has trained over 5,000 apprentices according to their website, with over 50% hired from underrepresented ethnic backgrounds. Reportedly 53% of hired apprentices are women and a third come from the UK’s most deprived postcodes.

The company’s website also states that 90% of apprentices complete their programme, with 65% achieving outstanding results.

In 2021, Multiverse broke the record for the UK’s largest edtech venture round. The Series D funding was led by Lightspeed Venture Partners and General Catalyst, both previous backers of Multiverse, alongside Stepstone Group.

Founders Circle Capital, Audacious Ventures, BOND, D1 Capital Partners, GV and Index Ventures also participated in the round.

Multiverse intends to use the new funding to expand its presence in the US, where it launched in January 2021. According to the company, two thirds of people don’t have a college degree in the US, but 65% of jobs require them to.

Multiverse is hoping that apprenticeships will help close this skills gap. Companies they work with in America currently include Cisco, Google, Verizon and Box.

Read more: New Apprenticeship Levy-funded data literacy programmes launched

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