A start-up founded by Euan Blair, the son of former prime minister Tony Blair, is on the verge of announcing a lucrative funding investment after securing a £65m tranche of cash.
The investment, understood to be the first part of an upcoming financing, is expected to elevate the value of his start-up, Multiverse, to hundreds of millions of pounds.
Mr Blair, 37, owns about 28pc of Multiverse Group according to company filings. Although the new round may dilute his holding, his stake will still be worth tens of millions of pounds.
Pitchbook, a database of start-up funding rounds, estimated its most recent valuation at £520m. Multiverse disputed the valuation.
A spokesman said: “We’re growing fast which is why we’re raising another round of investment. The round is not closed so any attempt to calculate our valuation is inaccurate speculation.”
100,000 people applied to Euan Blair's start-up Multiverse last year for apprenticeship positions
Credit: Geoff Pugh
Multiverse provides apprenticeships and training to school leavers, embedding them in companies such as Google, Unilever and Morgan Stanely.
The company also provides one-to-one coaching and networking events, and claims to have more than 300 clients and to have provided 3,000 apprenticeships. Multiverse has said that 88pc of its candidates end up with a job at their employer after their training.
The new funding comes just months after the company closed a round of £32m in January.
Originally known as Whitehat, Multiverse was launched by Euan Blair in a drive to reform the fortunes of school leavers amid a belief that university was not providing the right preparation for the world of work.
During his time in Downing Street, Tony Blair led a push starting in 1999 to get half of all school leavers into university. In a paper last month for the Tony Blair Institute for Global Change, Mr Blair said his 50pc goal remained “as controversial as it was correct and essential”.
Multiverse did not comment on who was leading its new funding round, although previous backers include Index Ventures, General Catalyst and the venture capital arm of Google.
Euan Blair told The Telegraph earlier this month that apprenticeships offered an “incredible route to some of the world’s best companies and some of the world’s best tech start-ups”.