Just six years after its founding, apprenticeship startup Multiverse has become a unicorn. In fact, this makes Euan Blair’s, the eldest son of former UK prime minister Tony Blair, company the UK’s first EdTech unicorn.
This comes after it closed a $220 million Series D, which brought its valuation to $1.7 billion. This means its value has doubled since its $130 million Series C in September 2021.
The investment was led by StepStone Group, as well as existing investors Lightspeed Venture Partners and General Catalyst. Other investors – Founders Circle Capital, Audacious Ventures and BOND – also participated.
Multiverse’s business model is to connect apprentices with coaches and placements at leading employers in the US and the UK.
In an interview with UNLEASH in October 2021, Blair shares that the company’s aim is to offer “an outstanding alternative to university and corporate training that would allow a much more diverse group of people to succeed, and access the very best careers”.
Unicorn status comes as Multiverse’s community of coaches and apprentices reached 8000; it also works with 500 organizations, which is nine times the number in 2020. Retention rate of the apprentices at their employer is 85%, Blair told TechCrunch.
“The advantage of apprenticeships is that they teach the skills that young people actually need, and that employers are crying out for. We work hand-in-hand with employers to develop programs that are suited to the needs of the modern business world,” Blair shares with UNLEASH.
The future for Multiverse
Multiverse is going to use the funding to continue to expand its presence in the US and the UK, as well as invest in the tech underpinning its offering.
While technology will never replace the coaching aspect of Multiverse, Blair told TechCrunch that technology can improve the rest of the learning process. “Automation also becomes increasingly important for spotting when they [apprentices] are struggling or falling behind in progress reviews,” he added.
StepStone Group’s partner Hunter Somerville shared: “Apprenticeships can help thousands of companies better train workers for the jobs needed to thrive in the age of digital transformation.
“Multiverse has a demonstrated track record of success, building an unparalleled global platform to find, train and develop talent.”
Multiverse is definitely a startup to watch. What does the future hold for apprenticeships and coaching?
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