Tony Blair’s son Euan is rapidly heading towards billionaire status after the tech business he started just six years ago was valued at $1.7 billion (£1.35 billion).
His “EdTech” company Multiverse - a platform for training and apprenticeship programmes - today closed closed a new $220 million (£175 million) funding round that doubles its previous valuation of £700 million only eight months ago.
The 38 year old chief executive, who bought a £22 million west London mansion last month, has seen the business experience specatucular growth over the course of the coronavirus pandemic, as lockdowns and the so called ‘great resignation’ prompted workers to switch careers, re-skill and try new methods of education in place of university-run courses.
The company’s mission – of encouraging students away from university programmes in favour of apprenticeships and career-focused learning -- is a marked departure from Euan’s father Tony Blair’s mission of sending at least 50 pewr cent of students to university. But Euan said Tony had congratulated him on the funding round. “Of course he has – he’s hugely supportive of apprenticeships,” Euan told the Standard.
He added: “There was an assumption that greater university participation would drive social mobility --the last 20 years have shown the reality of that is quite different to what was anticipated.
“We’ve allowed a small number of academic institutions to determine the winners and losers in the labour market.”
The funding round was co-led by US private equity businesses StepStone Group, General Catalyst and Lightspeed Venture Partners. Multiverse also announced the appointment of Youngme Moon, Donald K David Professor of Business Administration at Harvard Business School, to Multiverse’s board.
Blair co-founded the Google-backed company in 2016 with friend Sophie Adelman.
In May, the Bristol graduate reportedly bought and moved into his mansion complete with a swimming pool, believed to be worth more than double father Tony’s home.
Last week, 38-year-old Blair was awarded an MBE for services to education in the Queen’s birthday honours list.
You can listen to Euan on this episode of How to be a CEO:
Multiverse, which had revenue of £10.1 million in the year to 31 March 2021, launched in the US in January 2021, offers training and apprenticeship programs aimed at getting students into high-skilled jobs that were traditionally offered only to university graduates.
The company focuses on training students from backgrounds underrepresented in professional services. Over half of the apprentices the company places are people of colour, Euan said, while 54% are women.
