Formerly known as WhiteHat, Multiverse was last valued at $1.7bn in 2022 following a $220m raise.

London-based edtech Multiverse has raised $70m in a round led by Schroders Capital that places the company at a valuation of $2.1bn.

The round also saw the support of existing investors including General Catalyst, Lightspeed Venture Partners, D1 Capital Partners, Index Ventures, Bond and StepStone Group. Multiverse was founded by British businessperson Euan Blair, the son of former UK prime minister Tony Blair.

The company said that it would use the new funding to accelerate its European expansion and wants to ensure that “AI benefits the workplace, rather than displacing it”. It was last valued at $1.7bn in 2022 following a $220m raise.

Multiverse, which was founded under the name WhiteHat in 2016, offers personalised upskilling programmes to support technological adoption. It has an AI coaching platform called Atlas.

To date, Multiverse has delivered more than £2bn worth of benefits to more than 1,000 employers, it said. Its clientele includes the likes of Microsoft, Palantir and Databricks. Atlas has tripled daily active users over the last year, the company added.

Multiverse said all employees, regardless of seniority, have been offered equity and a long-term stake in the company as a result of the raise.

“There are companies who desperately need the benefits AI can bring. There are AI companies. What has been missing is the layer that bridges the two,” said CEO Blair.

“This investment marks the moment Multiverse defines that category and takes it across Europe. Getting outcomes from AI and unlocking productivity is not just a technology problem. It is a people problem. We exist to solve it.”

UK chancellor of the exchequer Rachel Reeves added: “This investment will support [Multiverse’s] expansion across Europe, strengthening a UK firm that is competing globally and equipping people with the skills to make AI work in practice.”

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Euan Blair, 2023. Image: Village Global/Flickr (CC BY-NC 2.0)