Multiverse, the workplace training group founded by former PM Tony Blair's son Euan, burned through almost £54 million of cash and reported another thumping loss last year, underlining the cost of scaling its business even as demand for AI-related skills continues to rise.
The private company, valued at about £1.4 billion in its last funding round, recorded a pre-tax loss of £63.3 million in the year to the end of March 2024, up from £60.6 million a year earlier.
Cash balances fell sharply to £81.8 million by October 2025, down from £135.4 million the previous year, reflecting heavy ongoing investment in staff, technology and course development.
Revenues, however, continued to grow strongly. Annual sales rose 36.3% to £79.6 million, driven by increased interest from employers looking to retrain staff in data and artificial intelligence skills.
Multiverse said companies are increasingly focused on extracting real productivity gains from AI, creating demand for structured training programmes.
The business has evolved significantly since its launch in 2016. Initially focused on matching non-university candidates with employer-funded apprenticeships, Multiverse now concentrates on retraining existing employees, often mid-career, across both the public and private sectors.
Most of its revenue is generated in the UK, with clients including large corporates and the NHS. It says it has supported close to 28,000 apprentices to date.
Costs remain high. Administrative expenses rose to £129.3 million from £106.1 million, reflecting investment in growth and capability.
Operating losses widened slightly, although the company pointed to improving efficiency at a headline level. Losses measured on an EBITDA basis narrowed to £59.7 million from £61.3 million, which management said shows progress towards profitability.
Headcount edged lower over the period and redundancy costs fell compared with the previous year. Multiverse also said it is using AI internally to improve efficiency, with revenue per employee rising 37%.