An Edtech Unicorn Emerges in Canada After $71M Fundraise

Financing

An Edtech Unicorn Emerges in Canada After $71M Fundraise

May 5, 2020

ApplyBoard, a Kitchener, Ontario-based company that helps students find and apply for study-abroad programs offered by schools and colleges, has raised CAD 100 million (approx. US $71.1 million) in a Series C round led by Drive Capital.

Other investors include Fidelity Investments Canada ULC, Business Development Bank of Canada, and previous backers Anthos Capital, Artiman Ventures, Garage Capital, and Plug and Play Tech Center.

ApplyBoard last raised $40.8 million in May 2019, and has now received more than $122 million in venture capital. It says this newest round gives the company a $1.4 billion valuation, putting it into the vaulted “unicorn” category claimed by only a handful of other North American-based education startups.

Founded in 2015, ApplyBoard lets students search for study-abroad programs at high schools and colleges in Canada, U.K. and U.S., and apply for them using a single application. When students enroll in a program, the company receives a share of the tuition paid to the school. According to TechCrunch, the company reached $300 million in sales in 2019.

The company says it currently works with over 1,200 schools and 4,000 recruitment partners that often provide counseling and school-search services for families. More than 100,000 students have used the platform, according to a company statement.

The fundraise announcement comes at a time when many institutions—especially colleges and universities are bracing for a drop in enrollment (and hence revenue).

  

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