Venture Capital: ApplyBoard, an Edtech Startup, is Canada’s Newly Minted Unicorn

https://dailyalts.com/wp-content/uploads/2020/05/HeadShots-9-Applyboard-scaled.jpg

ApplyBoard raised $75 million at a valuation of $ 1.4 billion.

ApplyBoard is an online platform that assists international students from around the world with their applications to study abroad. It’s a SaaS-enabled recruitment platform that Deloitte recognized in 2019 as Canada’s fastest-growing tech company.

ApplyBoard scored a phenomenal 12,525% GAAP revenue growth between 2015 and 2018.

On Tuesday it announced the closure of its series C funding round worth C$100 million (US$75 million). (Crunchbase)

Canada’s ‘pandemic’ unicorn

The latest funding round valued ApplyBoard at US$1.4 billion, catapulting it into hallowed unicorn territory, even during the coronavirus crisis.

The round 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, Garage Capital, Plug and Play Tech Center, and Candou Ventures.

Applyboard’s cumulative funding is now US$122.5 million.

ApplyBoard’s co-Founders, Martin, Meti, and Massi Basiri, launched the company in 2015 at the University of Waterloo’s Velocity Garage.

The impetus for the venture came from the difficulties they faced after they left Iran with the intention to study in Canada.

Edtech and COVID-19

The Covid-19 outbreak jolted edtech, a sleepier sector by usual standards in Startup Land, into prominence.

Amidst lockdowns and quarantines, education has become digital as classrooms, examinations, and assignments quickly moved to an online mode.

Educational technology, or edtech, is playing a key role in this new normal.

Edtech startups are seeing record additions to their user base and fresh interest from venture capitalists.

According to technology researcher Amber Case, funding for educational technology is going to skyrocket now that the disruption caused by the coronavirus pandemic has revealed how critical it is in maintaining continuity of learning and facilitating impactful education.

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

ApplyBoard plans to invest the proceeds of its latest funding round in its technology, to partner with educational institutions in new destination countries, and serve a broader diversity of students and recruitment partners globally.

Related Story:  Venture Capital: Corona Launches Some Asian Businesses on a New Growth Trajectory

Image Source: Media Release                                                  

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/02/work-5382501_640.jpg
Venture Capital: Bessemer Venture Raises $3.3B For Two New Funds, Welcomes New Partners
February 26, 2021     News, Venture Capital

Global early-stage venture capital firm Bessemer Venture Partners announced Thursday its raise of $3.3 billion across two new funds. BVP XI, which collected $2.475 billion, will focus on early-stage companies…

https://dailyalts.com/wp-content/uploads/2021/02/house-4516175_640.jpg
Alternative Investments/Real Estate: New Active, REIT-Based ETF From SS&C ALPS
February 26, 2021     Alternative Investments, News, Real Estate

SS&C ALPS Advisors have launched an actively managed, semi-transparent ETF that focuses on the U.S. REIT securities market. The ALPS Active REIT ETF (REIT) will trade on the NASDAQ.

https://dailyalts.com/wp-content/uploads/2021/02/the-rivergreen-centre-atom-hq.jpg
FinTech: U.K.-Based Atom Bank To Raise £40M To Become Profitable, Go Public
February 26, 2021     FinTech, News

Atom Bank, which is based in Durham, U.K., plans to raise £40 million from its existing shareholders in a move to achieve profitability within a year. The digital bank also…

https://dailyalts.com/wp-content/uploads/2021/02/Anchorage-Leadership.jpg
Digital Assets: Anchorage, The First Federally Chartered Digital Bank, Raises $80M
February 26, 2021     Digital Assets, News, Venture Capital

Federally chartered digital bank Anchorage announced Thursday its Series C raise of $80 million led by GIC, Singapore’s sovereign wealth fund, with participation from a16z, Blockchain Capital, Lux, and Indico.