By Gareth Corfield
Tony Blair’s son Euan has an estimated paper fortune of £337 million ($587 million) after his Multiverse start-up secured fresh investments that pushed its value over £1 billion for the first time.
The Google-backed education technology start-up has secured a $US220 million ($305 million) investment to expand into the US operations, Multiverse said on Wednesday.
Euan Blair founded Multiverse in 2016. Credit: Bloomberg
With Euan Blair owning at least 25 per cent of the company, its new valuation of $US1.7 billion means his shareholding is worth a minimum of £337 million. A company spokesman declined to say what Blair’s precise shareholding is but confirmed it is between 25 per cent and 50 per cent.
The latest fundraising means Blair’s shareholding has quadrupled in value, from around £160 million in September last year after a Series C funding round led to a $US130 million cash injection from US investors.
It comes just a week after Euan Blair was awarded his first honour, for services to education. It means he was given his first honour 30 years sooner than his father, who secured a knighthood at the age of 68 in January.
Multiverse is an apprenticeship training provider and jobs board, linking potential tech apprentices with employers. Founded in 2016 by Euan Blair, the company’s unique selling point is directly opposed to his father’s flagship education policy.
Tony and Euan Blair in 1999.Credit: AP
Tony Blair’s Labour government pledged that 50 per cent of all school leavers would go to university in a massive expansion of state-funded post-18 education.
Now, 15 years after his father stepped down as prime minister, the younger Blair has made hundreds of millions from picking up the young people left behind by that policy.
“Mandating degrees, and making admissions officers the gatekeepers for great careers, means leaving out thousands of talented individuals,” Euan Blair said.
“This funding will help us bring more people without degrees or in need of re-skilling into tech careers and ultimately create a more diverse group of future leaders.”
Telegraph, London
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