Business

Euan Blair worth £337m after his start-up is valued at more than £1bn

Tony Blair’s son has an estimated paper fortune of $337 million

The Google-backed education tech start-up has secured a $220 million (£176 million) investment to expand into the US, Multiverse said this morning.

With Mr Blair owning at least 25 per cent of the company, the new valuation of $1.7bn means his stake is worth at least £337m.

A company spokesman declined to reveal Mr Blair’s exact stake, but confirmed it was between 25 percent and 50 percent.

The latest fundraiser means the value of Mr Blair’s stake has quadrupled, from around £160million in September last year, after a Series C round of funding resulted in a $130million infusion of funds from US investors.

It comes just a week after Mr Blair received his first award for services to education. He received the first honor 30 years earlier than his father, who was knighted in January at the age of 68.

Multiverse is an apprenticeship provider and job board that uses technology to match potential technical apprentices with employers. Founded by Mr. Blair in 2016, the company’s unique selling proposition stands in direct contrast to his father’s exemplary educational policies.

Tony Blair’s New Labor government famously promised that 50 per cent of all school leavers would go on to university after 18 years as part of a massive expansion of publicly funded education.

Now, 15 years after his father stepped down as Prime Minister, the younger Mr Blair has made hundreds of millions by taking in the young people left behind by those policies.

Mr Blair said: “Managing degrees and turning admissions officers into gatekeepers to great careers means leaving thousands of talented people unattended.

“This funding will help us bring more people into tech careers without degrees or retraining needs, and ultimately create a more diverse group of future leaders.”

The $220 million Series D funding round has boosted Multiverse’s valuation to $1.7 billion from $875 million in September.

For trainees, Multiverse offers fee-based training focused on software development, digital marketing and data analysis, areas in high demand as companies worldwide continue their shift to purely digital skills.

Following New Labour’s immigration policy, Multiverse focuses on hiring minority trainees. Around half of the candidates come from “underrepresented ethnic backgrounds”, with just over half being women and a third of the UK staff coming from the UK’s most disadvantaged postcodes.

Under President Joe Biden, the US is beginning to follow Blair education policies, with Mr Biden’s materials promising an expansion of higher education and further education ahead of the election.

Multiverse’s customer list includes companies such as Cisco Systems, Verizon, and cloud computing company Box. The business first expanded across the Atlantic in January 2021.


Tech Unicorn becomes the UK’s most valuable software company at a valuation of £9.2bn

By James Titcomb

Tech Unicorn Access Group executives are sitting on a £1.4bn fortune after it became Britain’s most valuable software company with an investment from Singapore’s sovereign wealth fund.

The Loughborough-based company, which was acquired in a management buyout in 2011, has more than tripled its company valuation to £9.2bn after receiving financing from Singapore’s GIC and existing investors Hg and TA Associates.

Including debt, the company is valued at around £7 billion, said its chief financial officer, Rob Binns. That would put management’s roughly 20 per cent stake at around £1.4bn and Access Group would surpass FTSE 100 payroll technology company Sage as Britain’s most valuable software group.

Founded in 1991, the company sells a range of business software to mid-market companies, including candidate screening technology, online hosting and legal software.

Access CEO Chris Bayne is the management’s largest shareholder, with a stake estimated at hundreds of millions of pounds.

Mr. Bayne previously ran a consulting firm that was acquired by Access in 2008. He led the takeover in 2011, acquiring the company for just £50m from previous owner Alistair O’Reilly alongside Lyceum Capital.

Mr Binns said the company’s sales were booming as more customers committed to paying annually or monthly for software, rather than as a one-off and through a series of acquisitions.

Its valuation has more than tripled since late 2020, when it was priced at around £3bn in a debt refinancing. GIC, the four-decade-old fund that manages Singapore’s foreign exchange reserves, will own less than 10 percent of the company after investing later this year.

Mr Binns said the company is growing at a rate of 45 per cent and expects it to post sales of around £650m this year. It now has around 5,000 employees and 60,000 customers.

New York-based tech investor Hg is the company’s largest shareholder. It also owns Norwegian software company Visma.

https://www.telegraph.co.uk/business/2022/06/08/euan-blair-worth-337m-start-up-valued-1bn/ Euan Blair worth £337m after his start-up is valued at more than £1bn

Russell Falcon

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