ApplyBoard Raises C$375 in Series D Funding

ApplyBoard, a Canadian Edtech startup, announced on June 15th that it had raised $300 million in Series D funding at a post-money estimate of $3.2 billion. In addition, the company said that an extensive part of new funding would extend its operations and team in India.

Company’s Profile

Founders of the company Martin, Meti, and Massi Basiri were international students themselves. They extended from Iran to Canada for education. After witnessing and enduring the challenges of the application process and several other complications, they decided to start ApplyBoard in 2015 to make it easy for other students. Now the startup has raised $475 million till date.

About the Investors

The Ontario Teachers Pension Plan Board led the funding round via its Teachers Innovation Platform (TIP). The startup’s current investors, such as Fidelity Management and Research Company, LLC, BDC, Index Ventures, Garage Capital and Blue Cloud Ventures, also took part in the round. According to Inc42 Plus’ data, in 2020 alone, the edtech portion drew $1.4 billion in funding.

Purpose of Investment

In the first five months of 2021, the company prepares to invest a substantial share of the funding in expanding its trail in the Indian edtech startup ecosystem as it raised $1.3 billion, rendering a 2.9X hoist from the past years’ $447 million in the same time. This segment was led by edtech Brobdingnagian BYJU’s that raised $460 million and became the second most appraised startup in India.

“Excited by the potential that this funding will provide to us. An essential share of the investment will help us further hike the product and business increase in India and guide students yearning to study abroad all along their journey,” declared Karunn Kandoi, GM and Head of India Operations at ApplyBoard India.

Additionally, the startup stated it aims to keep at investing, expanding its product, offering to students and partners, and growing its brand visibility. 

Words of the CEO

“With restricted worldwide travel over the prior year, we see interest from students wanting to study overseas impacted. We are excited for what this latest investment will enable us to accomplish in helping our students, partner organisations, and recruitment associates so that our industry can stem back more salutary in a post-COVID world.”. 

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