Education start-up founded by Tony Blair’s son sees losses triple to £40.5m

Losses: Multiverse was set up by Euan Blair in 2016

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.

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