Euan Blair’s apprenticeship company, Multiverse, made a pre-tax loss of £14.2m last year – the sixth straight year of losses since the son of the former prime minister set it up in 2016.
Despite the losses – including £10.9m in 2021 and just over £5m in 2020 – the company was awarded the coveted tech “unicorn” status when it was valued at £1.4bn in fundraising driven by US venture capital firms in June 2022.
That investment valued Blair’s stake in the company at an estimated £420m, far more than his father Tony’s reported £60m fortune.
Multiverse, which uses automated predictive software to match apprentices with companies based on their aptitude and attitude rather than grades, reported revenues of £27.3m for the year to 31 March 2022, in accounts filed with Companies House on Wednesday.
That was up from £10m in the previous year, and means the company is valued at more than 50 times its sales.
