Workplace training specialist Multiverse has posted a year of rapid revenue growth, but losses at the business continued to deepen as investment levels remained high.
The London-based company, founded in 2016 by Euan Blair, reported a 36.3% rise in annual revenues to £79.6 million, up from £58.4m the previous year.
The growth was driven by rising demand from organisations seeking to use AI and data more effectively to improve productivity.
Despite the strong top-line performance, pre-tax losses widened to £63.3m, compared with £60.6m in the prior year.
Administrative costs rose sharply from £106.1m to £129.3m as the business continued to invest in its platform, curriculum development and commercial teams.
As a result, accumulated losses at the company have now reached £178.3m.
Operating losses also increased slightly, moving from £63.7m to £64.6m over the period.
However, Multiverse pointed to improving underlying performance, with its EBITDA loss narrowing from £61.3m to £59.7m, which it said reflected the fact that the business is “trending towards profitability”.
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Multiverse said the 2025 financial year was one of “strong growth and further investment”, with demand increasingly centred on AI and data-driven training programmes.
The company’s stated mission is to help employers “equip the workforce to win in the AI era”, and it claims to have partnerships with organisations across every major sector of the economy.
In recent months, it has partnered with Palantir to upskill NHS staff, launched an AI academy with Newark and Sherwood District Council, and appointed former MongoDB figure Donn D’Arcy as its chief revenue officer.
Originally launched as a business focused on matching people without university degrees to employers offering apprenticeships, Multiverse has evolved significantly in recent years.
Its core focus is now on retraining and upskilling employees already in work, many of them mid-career professionals.
The company works with a mix of private sector clients and public bodies, and says it has supported close to 28,000 apprentices to date.
It achieved unicorn status in 2022 after securing a valuation of around £1.4 billion in a funding round.
Headcount reduced slightly over the year, falling from 822 employees to 813, with the firm paying close to £1m in redundancy compensation to 55 staff during the period.
A company spokesperson told The Times that employers were increasingly focused on turning AI investment into tangible productivity improvements.
They added that Multiverse was delivering those gains both for customers and internally, with accelerating revenues and improving EBITDA performance as the business continues its push towards profitability.