Multiverse raises $220 million at a $1.7 billion valuation to expand its tech apprenticeship platform TechCrunch

We followed a worrying trend of the ax in the tech industry, but that’s not the full story. At the same time, there is also a wave of organizations that are also in the process of training and recruiting to fill some technology-related roles, specifically through apprenticeships. Today, a startup called Multiverse which has built a medium to connect people to those opportunities – and is said to be popular around the concept of apprenticeships in general – is announcing a major funding round to expand its business. only me.

The company – founded in London and now with headquarters also in New York – closed a $220 million Chain, with a post-money valuation of $1.7 billion.

For those watching, that’s double the Multiverse’s valuation compared to $130 million Series C, closed just eight months ago. StepStone Group (not to be confused with recruitment platform StepStone) and previous backers Lightspeed Venture Partners and General Catalyst both co-led the round, with Circle Capital Founders and previous backers Audacious Ventures, BOND, D1 Capital Partners, GV and Index Ventures all participating. family.

Euan Blair, CEO and co-founder (son of former Prime Minister Tony Blair and senior lawyer Cherie Booth Blair), said in an interview that the plan would use both grants to fund continues to expand the United States and its domestic market, as well as continues to invest in its technology.

The Multiverse’s basic approach is to pair human coaches – employed by the startup itself – with apprentices and then embed them with organizations that are accepting apprentices – a the list now features 500 big names, including government organizations, Cisco, Verizon, Box, financial services companies, and many more. The jobs mentioned in Multiverse universe Ranging from software engineer to data analyst, professional services and related roles.

Blair emphasized that the human factor will not be automated in any way, but there are still a number of technology features the company plans to introduce to enhance the way the entire system works.

“It’s not either with automation, but a coach for us is essential,” Blair says, but says technology can be applied to improve the way we present ourselves. materialize and help people learn in a way that complements human training. “Automation is also becoming increasingly important to spot when they are struggling or falling behind in the progress assessment process,” he added. And as the platform grows, it also expands the types of roles it builds apprenticeships around, and each will come with its own set of subjects and more to build, along with the rest of the base. infrastructure to manage these interactions.

It’s an approach that seems to be getting some traction. Despite the many challenges posed by Covid – in particular, the displacement of many organizations with knowledge workers to remote environments; and some organizations freeze initial hiring – Multiverse’s customer base has grown ninefold in the past two years. Multiverse notes that specific job roles like Software Engineering have seen a 260% growth in year-to-date enrollments with over 85% completion rates.

Blair attributes this to the pandemic in part: the so-called digital transformation that many organizations have undergone to get their teams to the point where they can work remotely has also spurred a boost. many of them rethinking groups as a whole and investing in them. Meanwhile, among individuals, younger people who may have been in the barrier about college have been shown to opt out of applying, with numbers there declining.

“University is not meeting the needs of so many people, so how can we support them? Through apprenticeships,” Blaire expressed.

Indeed, the existence of technology and professional services apprenticeships, which still allow for pay and professional training on the job, is the kind of model that offers many options. This is especially necessary in countries like the US, where two-thirds of adults don’t have a college degree but are trying to break into job markets where 65% of jobs require a degree or qualification. higher education.

Hunter Somerville, Partner at StepStone Group, said: “Apprenticeships can help thousands of companies better train workers for the jobs they need to thrive in the age of digital transformation. “The Multiverse has a proven track record of success, building an unparalleled global platform to find, train and develop talent.”