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ApplyBoard raises C$100m; becomes ‘unicorn’

Online student marketplace ApplyBoard has raised C$100M in Series C funding, which will be used to accelerate product development and fuel expansion into new markets. The funding brings the company’s valuation to C$2 billion, officially making it a unicorn.

ApplyBoard co-founders Meti, Martin and Massi Basiri. Photo: ApplyBoard

In May 2019, ApplyBoard raised C$55 million in Series B funding

In May 2019, ApplyBoard raised C$55 million in Series B funding. As well as investing in its technology, ApplyBoard said it will seek to “serve a broader diversity of students and recruitment partners globally” with the additional finance, it said. It also plans to hire 100 more employees.

“It’s vital we fuel innovation that supports the future success of the education sector”

Prospective international students can apply to over 1,200 institutions in Canada, the US, and the UK using a single application with ApplyBoard. It announced its move into the UK in March.

The company hopes to partner with additional educational institutions in new destination countries with the new funding.

According to ApplyBoard co-founder and CEO Martin Basiri, the process of applying to study abroad remains “incredibly difficult for many students”.

“My brothers and I founded ApplyBoard to ensure that every student has the ability to access education,” he said.

“Accelerated by recent events, it’s vital we fuel innovation that supports the future success of the education sector. We are committed to advancing our work with students, educational institutions, and recruitment partners to improve lives through education.”

The funding was led by Drive Capital and joined by certain funds managed by Fidelity Investments Canada ULC, Business Development Bank of Canada, and existing investors including Anthos Capital, Artiman Ventures, and Plug and Play Tech Center.

“We’re thrilled to partner with Martin and his team because we believe ApplyBoard makes the world a better place. They are fundamentally changing the way students across the globe access education,” said Nick Solaro, partner at Drive Capital.

In 2019, ApplyBoard was recognised by Deloitte as Canada’s fastest-growing tech company. It currently works with over 4,000 recruitment partners, and since 2015, has assisted over 100,000 students on their educational journey.

Launched by co-founders Martin, Meti, and Massi Basiri, ApplyBoard aims to provide every student with access to educational opportunities by simplifying the application process.

Read our PIE Chat interview with Meti Basiri here

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