Canadian unicorn, ApplyBoard, has raised a further C$375 million (US$300 million) in Series D funding, bringing the company’s valuation up to C$4 billion (US$3.2 billion).
The well known aggregator for international student applications said the new capital will be used to meet the “pent-up demand of international students looking to study abroad” through new product offerings, destination countries, and expanded support teams at scale.
Staffing footprint will expand to 1,000, said ApplyBoard, which has raised an eye-watering US$475m since it was launched by Iranian brothers studying in Canada.
The funding round was led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’), through its Teachers’ Innovation Platform (TIP).
“Education has the power to change lives and bring peace to the world, and ApplyBoard is more committed than ever to helping the millions of students who are dreaming of studying abroad,” said Martin Basiri, Co-founder and CEO, ApplyBoard.
“We are excited for what this new investment will allow us to accomplish to help our students, partner institutions, and recruitment partners, so that our industry can build back better in a post-COVID world.”
Meti Basiri, CMO at ApplyBoard, also indicated there would be far more product or service innovation ahead in a webinar on Student Recruitment 4.0 hosted by The PIE.
One example of product iteration is ApplyProof, a verification portal which enables stakeholders in the student journey (including admissions officers and immigration officials) to trust the authenticity of documents, such as English test scores, letters of acceptance.
He shared a stage with other innovators in this space including Adventus.io, which has also raised US$8.5m in series A funding – founder Ryan Trainor explained the distinct business models during the webinar.
Investor Olivia Steedman, Senior Managing Director, TIP, commented, “At Ontario Teachers’, we have a fundamental belief in top quality education.”
“ApplyBoard’s technology platform is simplifying the process of connecting students and educational institutions and creating greater opportunities for education globally.”
Existing investors Fidelity Management & Research Company LLC, BDC, Harmonic, Index Ventures, Garage Capital, and Blue Cloud Ventures also participated in the funding round.
