Multiverse, an edtech startup that connects companies with apprentices, received a $ 220 million grant, taking the company’s valuation up to $ 1.7 billion.
This rating makes Multiverse Europe the latest edtech unicorn from Multiverse Europe.
The startup was created by Euan Blair in 2016 and aims to level the playing field by providing an alternative to university, connecting companies with young people looking for quality apprenticeships.
Apprenticeships are free and paid and cover areas ranging from software engineering to digital marketing. Multiverse also provides 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 disadvantaged postcodes.
The company’s website also states that 90% of apprentices complete their program, with 65% achieving outstanding results.
In 2021, Multiverse broke the record for the largest venture capital round in the UK edtech sector. The D Series funding was led by Lightspeed Venture Partners and General Catalyst, both former backers of Multiverse, along with Stepstone Group.
The round was also attended by founders Circle Capital, Audacious Ventures, BOND, D1 Capital Partners, GV and Index Ventures.
Multiverse intends to use the new funding to expand its presence in the United States, where it was launched in January 2021. According to the company, two-thirds of people do not have a college degree in the United States, but 65% of jobs require them to.
Multiverse hopes that apprenticeships will help bridge this skills gap. Companies they work with in America currently include Cisco, Google, Verizon, and Box.
The apprenticeship tech startup is worth $ 1.7 billion after the latest funding
Source link The apprenticeship tech startup is worth $ 1.7 billion after the latest funding