Euan Blair edtech Multiverse laid off dozens more staff after losses widened
An edtech firm founded by Tony Blair’s son Euan laid off dozens more staff after reporting widening losses, its latest accounts show.
Multiverse, which was launched in 2016 and hit a valuation of £1.2bn in a 2022 funding round, said it made 55 payments for loss of office in the year to the end of March 2025, according to fresh figures filed to Companies House.
The London-based business reported a £2.6m increase in its pre-tax loss for the year to £63.3m, despite a jump in turnover of more than a third to just under £80m.
“In line with our commitment to invest in our people and give them the skills to maximise their productivity, we are employing slightly fewer people but rewarding them more,” Multiverse said in a statement, citing a 16 per cent rise in staff costs.
“Our accelerating revenue growth was achieved even as headcount fell slightly, for the first year since founding, and even as client and learner facing teams have grown.”
Paring back
The redundancies come after Multiverse laid off nearly a third of its US employees in 2023, citing missed revenue targets. “Our strategy for that market hasn’t evolved fast enough,” Blair said in a note to staff.
The firm, which develops on-the-job personalised learning programmes for clients, also shelved its expressed mission of getting school leavers into jobs as part of a wider restructuring aimed at cutting costs, City PM previously revealed.
Multiverse said it had cash balances of £81.8m at the end of March, meaning it would need to raise fresh equity or debt in 2026 to continue operating if losses persist at the current rate.
The company said it had “deployed a significant amount of time and internal effort” into enhancing its AI capabilities over the year amid “accelerated market importance” of Al and data skills
“The group, together with the board and senior leadership team, has developed a strategic plan for the business with the specific focus of continual growth in our core UK market, and other regulated learning markets globally,” Multiverse said.
“Our Learning Product team work to ensure Multiverse is able to close the most in demand skills gaps.”
A spokesperson said: “Companies are looking for ways to create genuine productivity improvements from their AI investments. We’re delivering that both for our growing customer base.”
The firm added it was deploying its “strategy towards profitability.”