8 June 2022 – Multiverse closed a $ 220 million Series D funding round with a post-money valuation of $ 1.7 billion, doubling its valuation from eight months ago. The latest round was co-led by StepStone Group and returning investors Lightspeed Venture Partners and General Catalyst. The funding will be used to accelerate expansion in the United States and broaden the range of learning programs, creating more career advancement pathways for apprentices and helping organizations fill digital skills gaps in their workforce.
The round was also attended by founders Circle Capital and existing investors Audacious Ventures, BOND, D1 Capital Partners, GV and Index Ventures, bringing total funding to over $ 400 million.
Tackling the toughest challenges of the workforce with apprenticeships
Two-thirds of Americans you don’t have a degree although 65% of jobs require a college or degree, a practice that disproportionately excludes black and Hispanic Americans. At the same time, all companies face challenges in hiring and retaining technology talent. Apprenticeships provide an alternative route to train and hire workers, opening up access to technology careers and teaching workers the skills for jobs in the modern digital economy.
“Making diplomas compulsory and making admissions officers the guardians of great careers means excluding thousands of talented individuals,” said Euan Blair, CEO and founder of Multiverse. “There has never been such an urgent time to create an alternative to university education that is equitable and inclusive and there is an incredible opportunity before us to change the status quo with apprenticeships. This funding will help us bring in more people without degrees or in need of retraining in technology careers and ultimately create a more diverse group of future leaders. ”
Multiverse Apprenticeships offer free paid programs in areas including software engineering, digital marketing, and data analytics that typically last 12-15 months. With a unique combination of on-the-job training and education, vocational apprenticeships help people start a career or enter a whole new field by earning a competitive salary.
Companies introducing apprenticeship programs aim to address the challenges associated with digital skills shortages. While creating more opportunities for those without a degree, these companies often see increased productivity and employee engagement, higher retention rates, and lower hiring costs. For this reason, 60% of Multiverse partners have expanded within 6 months of starting an apprenticeship program.
“The Multiverse journey so far has been characterized not only by rapid growth, but also by creating a real and actionable solution to the challenges of diversity in the workplace,” said Jeremy Duggan, President and Board Member of Multiverse. “One of the things that sets Multiverse apart is the impact our programs have on the aspirations and capabilities of our apprentices and the resulting value they provide to the organizations that employ them. Moving forward, it is important for us to ensure that apprenticeships are available to anyone who can take advantage of them and to carry on the crucial conversation about diversity in the workplace. ”
The Multiverse community has now reached over 8,000 apprentices worldwide. Of the professional apprentices that Multiverse places globally, 56% are people of color, more than half are women, and 34% are from economically disadvantaged communities.
The company’s mission is to create a diverse group of future leaders and a special emphasis is placed on monitoring the apprentice’s achievements related to long-term success. As a result, 68% of all Multiverse apprentices are promoted during or at the end of their programs and over 90% remain with their employer after the apprenticeship.
End of a year of unprecedented growth
The multiverse has grown nine times in two years. The company currently trains professional apprentices with over 500 organizations around the world, including Cisco, Visa, Verizon and Box in the United States. In support of its growth, programs such as software engineering have experienced 260% year-over-year enrollment growth and have a completion rate of over 85%. Multiverse has also created particular headwinds in the financial services industry, increasing the number of partners by 105% over the past year.
“Apprenticeships can help thousands of companies better train workers for the jobs they need to thrive in the age of digital transformation,” said StepStone Group partner Hunter Somerville. “Multiverse has a proven track record of success, building an unprecedented global platform to find, train and develop talent.”
Appointment of Youngme Moon to the Multiverse Board of Directors
Effective immediately, Youngme Moon, Donald K David Professor of Business Administration at Harvard Business School, will join the Multiverse Board of Directors. Professor Moon brings decades of experience to her role on Multiverse and serves on the boards of companies including Mastercard, Unilever, Warby Parker and Sweetgreen.
‘Expanding access to great careers is one of the most pressing issues of our time and essential to resolving both the war for talent and the inequalities of the current job market,’ said Professor Moon. “Many EdTech innovations have come and gone, but the Multiverse approach seeks to build a completely different system. I am really excited about the potential of technology apprenticeships and the system we can build through them. “
Multiverse is a tech startup with a mission to create a diverse group of future leaders
build an exceptional alternative to university and business education. They offer
apprenticeship with a diverse pool of young adults and those wishing to retrain. Multiverse
works with over 500 companies, helping them to embrace digital transformation, bringing skills closer together
gaps and develop a diverse talent pipeline. Apprentices benefit from individualized coaching,
applied learning and a community of social, networking and leadership opportunities.
Founded in the UK in 2016, Multiverse launched in the US in January 2021.
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of March 31, 2022, StepStone oversaw $ 570 billion of private market allocations, including $ 134 billion of assets under management. StepStone’s clients include some of the largest public and private defined contribution and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as major donations, foundations, family offices and private wealth clients, including wealthy individuals. StepStone works with its clients to develop and build private market portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.
About the speed of light
Lightspeed Venture Partners is a multi-phase venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer and Health sectors. Over the past two decades, the Lightspeed team has supported hundreds of entrepreneurs and helped create more than 400 companies globally, including Snap, Nest, Nutanix, AppDynamics, MuleSoft, OYO, Guardant, Affirm, and GrubHub. Lightspeed and its affiliates currently manage $ 10.5 billion on the Lightspeed global platform, with investment professionals and advisors in Silicon Valley, Israel, India, China, Southeast Asia and Europe. www.lsvp.com
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful and positive change that lasts for our entrepreneurs, our investors, our people and society. We support founders with a long-term vision who challenge the status quo, partnering with them from start to growth and beyond to create companies that stand the test of time. With offices in San Francisco, Palo Alto, New York City, London and Boston, the company has helped support the growth of companies such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe and Warby Parker. For more: www.generalcatalyst.com.
Multiverse Group Secures £ 175.21m Investment in Series D Led by StepStone Group and Lightspeed Venture Partners – UK Technology Investment News
Source link Multiverse Group Secures £ 175.21m Investment in Series D Led by StepStone Group and Lightspeed Venture Partners – UK Technology Investment News