London-based edtech unicorn Multiverse has raised $70m from Schroders Capital, Index Ventures and General Catalyst in its first fundraise since 2022.
The company, which upskills mid-career employees for corporate clients, also increased its valuation from $1.7bn to $2.1bn, the Financial Times reported.
Multiverse, which was founded in 2016 by Euan Blair, the son of former UK prime minister Tony Blair, began by placing school leavers into apprenticeships, but has since pivoted to its current business model.
It first became a unicorn when it raised $220m four years ago from investors including Lightspeed Venture Partners, General Catalyst, Index Ventures and GV.
Since then it has gone through multiple rounds of layoffs, first letting go of up to a third of its staff in the US after it missed revenue targets, before cutting dozens of jobs in the year running up to March 2025.
Discussing layoffs, Blair previously told Sifted: “We waited too long to bring clear structure to Multiverse, how we run the business and establish highly organised functions.”
He added: “I’m a big believer that in nearly every case when a business fails, it’s suicide not murder, right? Self-inflicted wounds are the ones you’ve got to be most aware of.”
