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Currently, within the tech industry, there is a new wave of organizations that have joined a new trend of training and hiring to fill a number of technology-related roles through apprenticeships. Recently startup Multiverse which has built a platform to connect people with those opportunities is announcing a major round of funding to expand its own business.
The company who was founded in London now also has a headquarters in New York and has just recently closed a Series D of $220 million making the company's post-money valuation around $1.7 billion.
The basic approach in Multiverse’s model is to pair coaches employed by the startup itself with apprentices and then implement them into the organizations that are taking on the apprentices. These companies include big names like Cisco, Verizon, Box, and many others. Jobs that are covered in the Multiverse programs range from software engineers to data analysts and professional services.
“Apprenticeships can help thousands of companies better train workers for the jobs needed to thrive in the age of digital transformation,“ said Hunter Somerville, partner at StepStone Group, in a statement. “Multiverse has a demonstrated track record of success, building an unparalleled global platform to find, train and develop talent”
Euan Blair, CEO, and Co-Founder of Multiverse
In their process, Multiverse charges employers a small recruitment fee for sourcing apprentices for them and then charges them for the cost of training, which accounts for the majority of the company's revenue. Employers then pay the apprentices a salary. These programs also help to provide employers with a way to recruit non-graduate talent from diverse backgrounds and the ability to reskill those who need it. During their time in the program, apprentices will be trained by mentors who will support them towards achieving a formal credential in their chosen field of study.
Some of the more advanced roles see training that can rival what a person might have learned in a computer science course at university, which makes Multiverse disruptive by tackling the job market as well as higher learning. Multiverse apprentices have seen upwards of $65,000 starting salary while simultaneously bypassing huge student debts?
Multiverse credits their recent success in part to the pandemic as the digital transformation that many organizations went through in getting their teams to a point of being able to work remotely also spurred many of them to rethink hiring, recruiting, and how to invest in their current employees.
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