ApplyBoard Raises $71 Mn to Become a Canadian Unicorn

applyboard founders

Kitchener, Ontario-based ApplyBoard raises $71 Mn (CA$ 100 Mn) in Series C funding round led by Drive Capital. Other investors in the investment round include Fidelity Investments Canada ULC, Business Development Bank of Canada, Anthos Capital, Artiman Ventures, Garage Capital, and Plug and Play Tech Center.

The current round of funding gives ApplyBoard a valuation of $1.4 Bn, making it one of the few North-American edtech unicorns.

The funding will be used for product development and marketing to enter new regions, as per a report in AIThority.

“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, as per a report in BusinessWire.

The platform enables students to find and apply for study-abroad programs in schools and colleges in Canada, the U.K., and the USA through a single app. It was founded in 2015 by brothers Martin, Meti and Massi Basiri, who left Iran to study abroad in Canada. The platform was built at University of Waterloo’s Velocity Garage to make the process of studying abroad more seamless. It also enables institutes to expand their recruitment process to various countries easily. The app gets a share of the tuition fee when students enroll in a program using the app.

As per a report in TechCrunch, ApplyBoard made $300 million for sales in 2019. The platform raised $40.8 Mn in May 2019. Now, ApplyBoard has a total funding of about $122 million.

The platform has helped over 100,000 students from 110 countries to study abroad. It has over 30,000 programs and is associated with over 1,200 schools and 4,000 recruitment partners, as per ApplyBoard’s website.

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