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

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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                                                  

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