Ontario-based AI-enabled student marketplace ApplyBoard has secured C$55 million in Series B funding which it said will fuel growth and market expansion to make education accessible to more students around the world. With this round, the company has raised C$72 million in total funding.
Anthos Capital, a California-based investment firm that invests in leading growth-stage companies at the forefront of change, led the round with participation from existing investors including Artiman Ventures.
“I am incredibly proud of what our team has accomplished”
With this investment, ApplyBoard said it will further develop its AI-powered platform and accelerate expansion into new markets, advancing the company’s mission of making education accessible to students around the world.
To support this growth, ApplyBoard will also hire more than 100 employees for its Kitchener headquarters and international offices over the next year.
“We believe education is a right, not a privilege. Everything we do revolves around putting students first,” said Martin Basiri, co-founder and CEO of ApplyBoard.
“Our dedication to making a difference in students’ lives is evident by the tremendous growth we’ve experienced in the past four years.
“I am incredibly proud of what our team has accomplished and look forward to continuing our momentum with this new investment.”
Speaking with The PIE News, ApplyBoard director of marketing Alicia Bedard said the significant figure came as a surprise to many of the team.
“You have a dream, and you know the potential of the company and where it could go, but I think everyone is really surprised that we grew as quickly as we did.
“It just goes to show that there was a significant gap in the market for the services that we provide. That being said, we could have taken on a lot more funding, there was a ton of interest in the company, but we landed on that number,” she added.
ApplyBoard launched as a result of the challenges the co-founder’s faced as Iranian students pursuing post-secondary education in North America.
“It just goes to show that there was a significant gap in the market for the services that we provide”
The proprietary platform uses AI and machine learning to assist students with program and institution selection, document submission, application, and obtaining a visa.
The company then reviews and processes each application, sending only those which are complete and qualified to its partner schools. As a result of its structured vetting system, students have a 95% chance of receiving an offer letter to the program of their choice.
Speaking to The PIE News, co-founder & CMO Meti Basiri said ApplyBoard’s mission is to make education accessible for every single student in the world no matter where they are from.
“If you belong to any village, in any country you should have the right to study,” he said.
“Then the other important thing to remember is that when students go abroad, they study, they change, and they contribute to change in that country too.
“Eight years I have been living in Canada, and a lot of things have changed… I had an impact on the economy and continue to have an impact on it, and Canada has impacted who I am today.”
“ApplyBoard has revolutionised the application process for international education”
Commenting on the funding announcement, managing director of Anthos Paul Farr said he believes that ApplyBoard has revolutionised the application process for international education.
“Thousands of global students have obtained quality education, and high schools, colleges, and universities are benefiting from a diverse applicant pool as a result of ApplyBoard’s innovative platform.
We are proud to partner with a company that’s making a profound positive impact,” he added.
