Losses: Multiverse was set up by Euan Blair in 2016
An education start-up founded by the son of former prime minister Tony Blair almost tripled its annual losses last year.
Multiverse, which was set up by Euan Blair in 2016, failed to turn a profit for the seventh consecutive year, according to its latest financial statements.
The London-based company uses software to match apprentices with corporate giants such as Facebook and Google.
Multiverse’s revenue grew 66 per cent, or £45.2million, in the year ended March 31, company accounts showed.
But losses widened from £14.2million to £40.5million as it invested in its US business and technology.
The company yesterday axed 44 US jobs – equivalent to 5 per cent of its global head count – as it tries to reset its American business.
It won ‘unicorn’ status – a term for a start-up worth more than £1billion – last year when it was valued at £1.4billion, giving Blair, 39, a fortune of nearly £350million.
