Despite financial struggles, including tripling its losses to £40.5 million ($51.3 million) in 2023 and laying off 44 employees, Multiverse sees the shift towards upskilling as a path to profitability. The company's clients, including Citi, Microsoft, and KPMG, have been forced to cut spending due to the economic downturn, prompting Multiverse to find new ways to sell its learning products. The company also acquired online learning platform Eduflow in 2022 to aid its upskilling drive.
Key takeaways:
- Euan Blair's education company Multiverse has acquired San Francisco startup Searchlight, an 'Ethical AI' platform that matches prospective hires to employers and combats unconscious bias in hiring.
- Multiverse, which achieved unicorn status in 2022, is increasingly focusing on upskilling people already in the workforce, rather than moving apprentices into jobs.
- The company has struggled financially, tripling its losses to £40.5 million ($51.3 million) in 2023 and laying off 44 employees.
- Multiverse's acquisition of Searchlight is part of its strategy to offer new products to clients and achieve sustainable growth, as companies seek to boost staff proficiency in AI.