The Canadian-based initiative ApplyBoard, which provides online consultancy services for students who want to study abroad, has increased its valuation to 1.4 billion dollars with the new investment it received.
ApplyBoard, the edtech initiative where students who want to study abroad can get online consultancy from the application process, announced that it has received an investment of $ 75 million. With this latest investment, the valuation of the Ontario-based venture has reached $ 1.4 billion.
The investment, led by Drive Capital, also included Fidelity Investments Canada, Business Development Bank of Canada, Anthos Capital, Artiman Ventures and Plug and Play Tech Center. With the incoming investment, ApplyBoard wants to continue its growth. According to the information released by the initiative, the company plans to hire another 100 people. The company, which currently has 400 employees, will aim to grow with more employees with the new investment.
ApplyBoard’s story begins with three brothers, Martin Basiri, Meti Basiri and Massi Basiri, who came to read from Iran to Canada. Since the three siblings tackle the challenges in the process, they decide to establish initiatives that offer a wholesale solution, from international students’ application processes to visa-related issues. Established in 2015 at Waterloo University’s Velocity Garage, the initiative is now on its way as a unicorn.
ApplyBoard brings international students who want to study at high school, university and graduate, to universities through their platforms. The platform is also becoming an important marketing platform for schools. While students have the opportunity to choose the universities that are suitable for their profile, schools also have the opportunity to evaluate students through the platform and this is how they accept students. At this stage, ApplyBoard generates revenue from colleges and universities, not from students. So services are free for students.
In this sense, SaaS initiative, which provides an online education consultancy, has reached a sales volume of 300 million dollars last year. However, the initiative does not explain the income it generates. Since its establishment in 2015, in other words, the initiative, which has helped more than 100 thousand students from 110 different countries, fills a serious gap for students who want to study abroad.