Euan Blair Technology Start-up Reports Widening Losses Despite Revenue Growth

Multiverse, the technology apprenticeship platform founded by Euan Blair in 2016, has disclosed widening losses of £63.3m for the year ending March 2025, up from £60.6m the previous year. The company, which has been valued at $1.7bn, reported its first staff reductions, cutting headcount from 822 to 813 employees during the period.

Despite the loss expansion, Multiverse achieved substantial revenue growth of 36 percent to £79.6m, capitalising on increased demand for artificial intelligence skills across the corporate sector. The company places apprentices at major organisations including Microsoft and Jaguar Land Rover, positioning itself as a significant player in the technology apprenticeship market.

The organisation’s financial trajectory presents a contrasting narrative of operational scale and profitability challenges. Whilst revenue per employee increased by 37 percent, suggesting improved operational efficiency, the company continues to burn through capital reserves. Cash reserves declined from £135.4m to £81.8m during the financial year, indicating that sustained losses at current rates may necessitate additional investor funding.

Multiverse has adopted a strategic refocus on the United Kingdom market following the reversal of its American expansion plans. The decision reflects market realities whilst allowing the company to concentrate resources on its most successful territory. Recently, the organisation launched a partnership with Palantir Technologies to train National Health Service staff in artificial intelligence applications.

The company’s wage bill grew by 17 percent despite the reduction in headcount, with average employee compensation reaching £117,000. This suggests a deliberate shift towards retaining higher-skilled personnel, a strategy the company attributes to the increasing value of its workforce. Euan Blair’s own remuneration decreased slightly from £253,339 to £246,053, whilst his ownership stake of just under 19 percent translates to a personal holding valued at approximately £240m.

The company maintains that it is trending towards profitability, pointing to improved earnings before interest, taxes, depreciation and amortisation as evidence of progress toward financial sustainability. Whether Multiverse can achieve profitability before its capital reserves become critically depleted remains a significant question for investors and stakeholders in the education technology sector.