London-based Multiverse has become Europe's latest unicorn amid an increase in edtech funding.

The startup, which was founded by Euan Blair, the son of former UK Prime Minister Tony Blair, has raised a $220 million Series D. Multiverse is now worth $1.7 billion, more than double its estimated valuation of £639 million (around $802 million) following a $130 million Series C in September, according to PitchBook data.

StepStone Group, Lightspeed and General Catalyst led the round, which also included participation from Founders Circle Capital, Audacious Ventures, BOND, D1 Capital Partners, GV and Index Ventures.

VC interest in Europe's edtech sector grew significantly last year, helped by an increased need for online educational services during the pandemic. A total of €2.2 billion was invested across 322 deals in 2021, according to PitchBook data.
   

Already this year, European edtech startups have raised €1.3 billion—over half the amount raised in 2021. Significant rounds include Austria-based GoStudent's €300 million Series D and Spain-based Odilo's €60 million fundraise. 

Founded in 2016, Multiverse's online apprenticeship platform offers tuition-free programs in areas including software engineering, digital marketing and data analytics. Part of this latest funding round will go toward its continued US expansion, where it launched in 2021.

Featured image by SEAN GLADWELL/Getty Images

This article originally appeared on PitchBook News