Multiverse has closed a $130 million funding round to allow it to meet demand for professional apprenticeships in America and the UK. The Series C round was led by D1 Capital Partners and BOND, and brings total funding for the tech startup to $194 million.
The apprenticeship provider has experienced exponential growth since closing the UK’s largest ever EdTech funding round this past January, a $44 million Series B led by General Catalyst, which was used to expand into the US. Within six months of launch in the US, Multiverse has begun training professional apprentices with organizations including Google, ClassPass and Adyen. They join over 300 clients in the UK using Multiverse programs including Facebook, Morgan Stanley and the NHS.
Multiverse also opened a US Headquarters in New York City, allowing their growing team to meet and collaborate together for the first time since the pandemic began.
“We have spent the last few years building a truly outstanding alternative to university and to corporate training, and this latest funding round is recognition of how far this cause has come,” said Euan Blair, founder and CEO, Multiverse. “Professional apprenticeships are transforming the opportunities available to people in the UK and now in the US – we’ve seen a range of the world’s best employers grow their programs significantly over the last year.”
The company has seen its revenue grow nearly 4x over the last year and now trains over 5,000 tech, leadership and digital apprentices, more than the annual undergraduate intake of both Harvard College and Oxford University.
Most recently, Multiverse was also endorsed as a talent developer for OneTen, a coalition of leading executives who have committed to upskill, hire and advance one million Black individuals without four year degrees in America over the next 10 years into family-sustaining jobs with opportunities for advancement.
“Apprenticeships are an innovative pathway to family sustaining jobs,” said Ken Chenault, chairman and managing director of General Catalyst, and co-founder of OneTen. “Multiverse has the team, the model, and the vision to make the promise of professional, modern apprenticeships a reality while creating greater access to opportunity.”
“Employers are all asking a similar question: how do we access the best talent and the skills we need, and make sure the opportunities created in the post-COVID recovery are spread more equitably? Talent is everywhere but companies will only hire the best if they reach beyond traditional sources,” Blair continued.
“Our apprenticeships allow employers to look beyond academic achievements and hire and develop people based on the things that really matter: potential, character and performance. They are simply the best way to equip people with the skills employers need today.”
Multiverse apprentices benefit from a unique applied learning model, receiving personal training from expert coaches alongside paid jobs. The company has prioritized a community experience designed to replicate the best of university that includes socials, mentoring, leadership opportunities, and inspiring speakers.
As a result of extensive outreach partnerships and a bespoke matching platform, 53% of apprentices placed in their roles by Multiverse are people of color and 36% are from under-resourced communities. 90% remain in long-term employment with their companies. Alongside recognition from employers, this month Ofsted, England’s education inspector, graded Multiverse as an ‘outstanding’ provider in every category, the highest rating available.
“We believe Multiverse is expanding access to wage-growth and social mobility for employees from a broad range of backgrounds while creating substantial value for employers,” said Jeremy Goldstein of D1 Capital Partners. “We are excited to invest and help Multiverse scale its model globally.”
Professional apprenticeships allow organizations to open up attractive, equitable routes into a range of tech and professional careers including Data Analytics, Software Engineering, Project Management and Business Administration. Digital skills are a key brake on global productivity, with 84% of executives believing their teams lack the ability to deliver their digital strategies. At the same time workplace equity has become a critical conversation across corporate boardrooms.
“Multiverse isn’t just growing fast, we’re delivering record-breaking impact at scale with the support of the world’s most trusted investors,” said Jeremy Duggan, President and Board member at Multiverse. “Through the testing times of Covid our team has grown, developed and increased its impact multiple times. Our special mission ensures that we’re solving some of the most important issues facing society: bridging the opportunity gap and ensuring companies can access the most diverse, talented individuals to drive their growth.”
The additional funding will be used to drive growth in both North America and the UK, including by launching additional programs and qualifications. This year Multiverse launched an innovative program to enable apprentices to earn a Bachelor’s Degree in Data Analytics and Data Science alongside their roles.
Source: PR Newswire
