Multiverse Announces $130m Series C Funding to Open Access to Top Careers through Professional Apprenticeships
Multiverse has closed a $130 million funding round to allow it to meet growing demand for professional apprenticeships in both the UK and the US. 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.
Multiverse trains apprentices at more than 300 companies including Facebook, Morgan Stanley and the NHS.
Multiverse also opened a US Headquarters in New York City. Within six months of launch in the US, Multiverse has begun training professional apprentices with organisations including Google, ClassPass and Adyen.
Euan Blair, founder and CEO, Multiverse said:
‘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’,. ‘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 programmes 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 and Oxford University.
Most recently, Multiverse was awarded the top grade in its first inspection by the UK education regulator, Ofsted. The inspectors noted in their verdict:
“From apprentices’ first interaction with staff at Multiverse, they are welcomed into a kind and inclusive environment. Apprentices are inspired to have high aspirations by exceptional coaches who are experts in their field.”
‘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.’
Ken Chenault, chairman and managing director of General Catalyst said:
“Apprenticeships are an innovative pathway to family sustaining jobs. 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.”
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.
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.
Jeremy Duggan, President and Board member at Multiverse said:
‘Multiverse isn’t just growing fast, we’re delivering record-breaking impact at scale with the support of the world’s most trusted investors. 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 the UK and the US, 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.
Multiverse is a tech startup on a mission to create a diverse group of future leaders by building an outstanding alternative to university and corporate training. They offer apprenticeships to a diverse pool of young adults and those looking to reskill. Multiverse works with over 300 businesses, helping them embrace digital transformation, close skills gaps and develop a diverse talent pipeline. Apprentices benefit from one-to-one 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.
D1 Capital Partners and BOND join Multiverse’s existing investors who include General Catalyst, GV (Google Ventures), Index Ventures, Lightspeed Venture Partners, Audacious Ventures, Latitude and SemperVirens.
For more information, please visit www.multiverse.io
About D1 Capital Partners:
D1 Capital Partners is a global investment firm that operates across public and private markets. The firm combines the talent and operational excellence of a large, premier asset management firm with the flexible mandate and long-term time horizon of a family office. Founded in 2018 by Daniel Sundheim, D1 focuses on investing in the global internet, technology, telecom, media, consumer, healthcare, financial, industrial, and real estate sectors.
BOND is a global technology investment firm that supports visionary founders throughout their entire life cycle of innovation and growth. BOND’s founding partners have backed industry pioneers such as Airbnb, Canva, Docusign, DoorDash, Facebook, Instacart, JD.com, Peloton, Plaid, Ring, Slack, Spotify, Square, Stripe, Twitter, Uber, and Waze.