Multiverse, the high-profile education technology company founded by Euan Blair, has laid off dozens of staff after its annual losses widened significantly, according to newly filed company accounts.
Financial Strain and Strategic Shifts
The London-based firm, which achieved a £1.2 billion valuation in 2022, reported a pre-tax loss of £63.3 million for the year ending March 2025. This marks a substantial increase from the previous year's deficit, despite the company's turnover jumping by more than a third to just under £80 million.
Documents filed with Companies House reveal that Multiverse made 55 redundancy payments during the financial year. This follows a previous round of cuts in 2023, where nearly a third of its US workforce was let go due to missed revenue targets.
A Change in Direction and AI Focus
As part of a wider cost-cutting restructuring, the company has shelved its original mission of focusing on getting school leavers into jobs. Instead, Multiverse stated it has "deployed a significant amount of time and internal effort" into boosting its artificial intelligence capabilities, citing the "accelerated market importance" of AI and data skills.
In a statement addressing the staff reductions, the company said: "In line with our commitment to invest in our people and give them the skills to maximise their productivity, we are employing slightly fewer people but rewarding them more." It noted a 16% rise in staff costs and that accelerating revenue growth occurred even as total headcount fell for the first time since its 2016 launch.
Cash Reserves and Future Challenges
Despite the losses, Multiverse reported cash balances of £81.8 million at the end of March 2025. However, the accounts indicate that if losses continue at the current rate, the company will need to seek fresh equity or debt funding in 2026 to continue operations.
The firm's strategic plan now emphasises continual growth in its core UK market and other regulated learning markets globally. "Our Learning Product team work to ensure Multiverse is able to close the most in demand skills gaps," the company added.
