Multiverse, the education tech firm founded by Euan Blair, has cut dozens of jobs in a strategy pivot away from its mission of securing apprenticeships for secondary school leavers.
Founded in 2016 by Blair, son of former Labour prime minister Tony Blair, Multiverse has cut more than 40 jobs over the last 12 months, first reported by City A.M.
The layoffs were largely in the company’s early talent division, which supported young people leaving school and finding apprenticeships.
Though the company made major cuts to the division, Multiverse told UKTN that over the 12-month period, net hiring was up with more than 100 new staff joining the firm.
The company’s focus will shift towards its upskilling business, wherein corporate clients are offered staff training.
Multiverse in May acquired Danish edtech startup Eduflow, stating the merger would allow “greater levels of personalisation to apprentices”.
A spokesperson for Multiverse said: “At the core of our mission is the belief that education shouldn’t be a single shot at the start of a career and the barriers to economic mobility that skills solve don’t reduce by dint of age.”
The spokesperson added that Multiverse has “always reviewed skills sets across our company as teams have changed in size” and that it is “completely normal for companies at growth stage” to say “goodbye to valued team members” in search of people with more suited skills.
In June 2022, Multiverse became the UK’s first edtech unicorn after a £176m funding round landed the company with a $1.7bn valuation.
At the start of the year, Multiverse revealed in its company accounts that revenues had tripled in 2022, though its losses had widened by £4m. The company is yet to report a profit.