ApplyBoard, a Kitchener, Ontario-based online platform that empowers students around the world to access the best education, raised C$70M (US$55M) in Series C extension funding.
Backers included ETS, Index Ventures, Blue Cloud Ventures, Harmonic Growth Partners, and additional investors. Adding to the C$100M (US$72M) in Series C funding closed in March 2020, this extension brings the total amount raised in the round to C$170M (US$130M).
The company plans to use these funds to accelerate growth by investing in its proprietary technology, further developing its school and student services, expanding its destination markets, and serving a broader diversity of students and recruitment partners globally.
Led by Martin Basiri, Co-Founder and CEO, ApplyBoard empowers students around the world to access the best education by simplifying the study abroad search, application, and acceptance process. By connecting international students, academic institutions, and recruitment partners on an online platform, the platform drives qualified student applicants and diversity to over 1,200 campuses across Canada, the United States, and the United Kingdom. Founded in 2015, the company has served over 120,000 students along their educational journeys. The company is headquartered in Kitchener, Ontario, Canada, with more than 500 staff members across 20 countries. To date, the company has raised C$242M (US$180M) in funding.
The funding extension has also brought with it a new strategic partnership between ApplyBoard and ETS, the world’s largest non-profit education testing and assessment organization as well as the administrator of the TOEFL® English-language proficiency test and GRE® graduate admissions test. ETS’s equity investment in ApplyBoard was executed by ETS Strategic Capital, a new unit of ETS created to grow its business and advance its mission through strategic equity investments, growth partnerships, and acquisitions. ETS and ApplyBoard will work together to provide prospective international students with an end-to-end application experience, from preparing and taking the TOEFL or GRE test to searching for, applying to, and commencing studies at one of ApplyBoard’s 1,200+ partner schools across Canada, the United States, and the United Kingdom.