{"text":[[{"start":10.05,"text":"Euan Blair’s Multiverse has raised $70mn from investors as the London-based education technology start-up pushes into AI training and Europe. "}],[{"start":20.3,"text":"The fundraising values the company, which trains and finds placements for apprentices, at $2.1bn, up from $1.7bn when it last raised money in 2022. Schroders Capital, Index Ventures and General Catalyst participated in the new round. "}],[{"start":37.05,"text":"The new funding will help Blair, the son of former British prime minister Sir Tony Blair, to expand AI workforce training and grow further across Europe."}],[{"start":46.8,"text":"“What’s become clear very fast is that AI is the biggest threat, but also the biggest opportunity the workforce faces,” Blair told the FT. “This could either be the great jobs destroyer or it could be the great productivity enhancer.” "}],[{"start":61.05,"text":"He added: “The only way we’re going to tip the scales in favour of the productivity outcome is by training as many workers on the job as possible.”"}],[{"start":69.45,"text":"As part of its AI push, Multiverse acquired German data and AI training group StackFuel in January for an undisclosed amount. "}],[{"start":78.45,"text":"Blair’s wife Suzanne Ashman, a venture capitalist, was appointed this month to lead the UK government’s £500mn Sovereign AI fund, tasked with investing in homegrown technology. The fund has not invested in Multiverse as part of the round."}],[{"start":95.80000000000001,"text":"Blair co-founded Multiverse in 2016, and has trained around 30,000 apprentices with companies including Microsoft, John Lewis and M&S. It employs about 800 staff."}],[{"start":106.80000000000001,"text":"The start-up posted turnover of £79.6mn in the year ending March 2025, up from £58.4mn a year prior, according to filings at Companies House. However, annual losses widened to £62.4mn, from £60.9mn the year before."}],[{"start":125.05000000000001,"text":"Blair said hitting profitability was now a “near-term” focus, noting that the company had posted its first cash-positive quarter in early 2026. "}],[{"start":135.20000000000002,"text":"“We are not a million miles away from profitability, and you’ll see that when our latest results get published . . . but that cannot come at the expense of growth and investing in our product and capabilities,” he said. "}],[{"start":146.50000000000003,"text":"The fundraise, which also saw Lightspeed Venture Partners and D1 Capital invest, will give all Multiverse employees equity in the company. "}],[{"start":155.65000000000003,"text":"Blair said the company was not currently considering a listing. “This is a company which can and should be public, but we are not looking to do that in the near term,” he said. "}],[{"start":164.90000000000003,"text":"Multiverse has faced some criticism over low completion rates on its training courses. Department for Education figures released in March showed the completion rate for Multiverse schemes was 52.6 per cent in 2024/25, below the sector average of 65.4 per cent. "}],[{"start":182.95000000000005,"text":"“We’re pretty clear, we don’t want to be in the business of training executives on MBA programmes, we are looking to work with frontline workers,” Blair said, citing examples such as nurses and warehouse workers. "}],[{"start":194.20000000000005,"text":"“Realistically, there are barriers to sometimes convincing some of those people that they are the people who will be worst affected if we do not get this right,” he added. "}],[{"start":211.75000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778825744_2606.mp3"}