Education Technology · Profile from Education Technology Research Companion
Multiverse Group Limited (Multiverse)
The London company, founded by Euan Blair and Sophie Adelman as WhiteHat in 2016, that built a venture-scale business on England's apprenticeship levy. Multiverse recruits and trains apprentices, mostly in data, software and digital roles, as an employer-paid "alternative to university", and later as upskilling for existing staff. It became a unicorn in 2022 (~$1.7bn), expanded into the US, and has since repositioned itself as an AI and data skills provider for enterprises. It remained loss-making through FY2025 and reported its first cash-positive quarter in early 2026.
At a glance
- Founded
- 2016, London, as WhiteHat; renamed Multiverse in February 2021
- Founders
- Euan Blair (CEO), Sophie Adelman
- Headquarters
- London, UK; US headquarters in New York; German operations after the 2026 StackFuel acquisition
- Ownership / structure
- Private, venture-backed (Multiverse Group Limited, UK); investors include General Catalyst, Lightspeed Venture Partners, D1 Capital Partners, Index Ventures, StepStone Group, BOND and Schroders Capital (reported)
- Leadership (2026)
- Euan Blair, founder and CEO. Sophie Adelman, co-founder, has left the company (verify date)
- Segment and buyer
- Workforce / adult skills: employer-paid apprenticeships (funded in England largely through the Apprenticeship Levy, now the Growth and Skills Levy) and enterprise AI/data upskilling; learners pay nothing
- Scale
- Revenue £79.6m (~$100m) in FY to 31 March 2025, up ~36% from £58.4m; pre-tax loss ~£63m (reported from Companies House accounts). Revenue reported to have grown ~50% in FY2026, with a first cash-positive quarter in January–March 2026 (company statements; verify). ~800 staff (FY2025). Company claims tens of thousands of apprentices trained and 1,500+ employer clients (verify current figures)
- Capital raised / valuation / market cap
- ~$400m+ raised in total (estimate). Series C $130m (2021, ~$875m valuation, reported); Series D $220m (June 2022, ~$1.7bn, led by StepStone); ~$70m round led by Schroders Capital at ~$2.1bn (May 2026, reported)
- Signature moves
- WhiteHat founded around the 2017 apprenticeship levy; Series B during COVID (2020); rebrand, Series C and US launch (2021); unicorn Series D and Eduflow acquisition (2022); AI coach Atlas and AI/data skills repositioning (2024); StackFuel acquisition in Germany and Schroders round (2026). Misses: persistent heavy losses, slower-than-hoped US scaling, dependence on English funding policy
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2016
Founding WhiteHat Levy Bet
Launch
2019
Upskilling Apprenticeships
New business line
2020
Series B Remote Delivery
Funding round / delivery pivot
2021
Rebrand Series C US Launch
Funding round / rebrand / geographic expansion
2022
Acquires Eduflow
Acquisition
2022
Series D Unicorn Round
Funding round
2024
Atlas AI Coach AI Skills
AI launch / strategic repositioning
2026
Acquires StackFuel Germany
Acquisition / geographic expansion
2026
Schroders Round
Funding round