ApplyBoard Valuation, Funding & Investors

ApplyBoard is valued at $3.2B as of June 2021.

Last ApplyBoard valuation

$3.2B

Series D · Jun 2021

Last ApplyBoard funding round

$300M

Series D · Jun 2021

Cumulative funding ApplyBoard raised

$481M

across 6 funding rounds

Key investors in ApplyBoard

  • Artiman Ventures
  • Plug and Play
  • Index Ventures
  • Business Development Bank of Canada
  • Garage Capital
  • Blue Cloud Ventures

ApplyBoard Overview

About ApplyBoard

ApplyBoard is a Kitchener-headquartered technology platform that connects international students with recruitment partners and 1,500 educational institutions across Canada, the UK, US, Australia, and Ireland. The company simplifies study abroad processes from application discovery to enrollment for over 800,000 students annually. Recognized in Deloitte's Technology Fast 50 for Canada in 2023—its fifth consecutive year—it employs more than 1,200 staff in 30 countries including Gurugram, India, Nepal, Bangladesh, and the Philippines. ApplyBoard's tools handle visa support, document management, and partner matching.


Founded

2015

HQ

CanadaWaterloo

Status

Privately held

Customer focus

B2B & B2C

Revenue model

Commission, Subscription

Valuation

$3.2B (Jun 2021)

ApplyBoard Valuation

ApplyBoard is currently valued at $3.2B, based on its Series D in June 2021.

The $300M round was led by Ontario Teachers' Pension Plan, with participation from Index Ventures, Fidelity, Harmonic Growth Partners, J17 Capital, China Canada Angel Alliance and 3 other investors.

ApplyBoard's valuation has grown 2.2x from $1.5B at its Series C in May 2020 to $3.2B in June 2021, across 2 priced rounds.

ApplyBoard valuation by funding round

ApplyBoard valuation by funding round
DateStageValuation
Jun 2021Series D$3.2B
May 2020Series C$1.5B

ApplyBoard Funding History

ApplyBoard has raised a total of $481M across 6 funding rounds.

ApplyBoard's first fundraising round was a $500K pre-seed round in October 2015. The most recent completed round was a $300M Series D in June 2021.

ApplyBoard funding rounds

ApplyBoard funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2021Series DOntario Teachers' Pension Plan (lead); Index Ventures; Fidelity; Harmonic Growth Partners; J17 Capital; China Canada Angel Alliance; Garage Capital; Business Development Bank of Canada; Blue Cloud Ventures$300M$3.2BApplyBoard is a Canadian EdTech marketplace that facilitates international student admissions to educational institutions. The company raised $300 million in Series D funding on June 10, 2021, led by Ontario Teachers' Pension Plan alongside co-investors including BDC Capital, Blue Cloud Ventures, Fidelity Investments, Garage Capital, Harmonic Growth Partners, Index Ventures, and J17 Capital. The round valued the company at $3.2 billion on a post-money basis, achieving unicorn status and establishing ApplyBoard as one of Canada's most valuable private technology companies. At the time of the funding round, ApplyBoard was recognized as part of a cohort of 35 Canadian tech companies identified as being on a path toward $1 billion in annual revenue, based on trajectory and growth metrics evaluated by Communitech. The company had established itself as a key player in the international education technology space, with operations spanning multiple countries including significant expansion into India, which was highlighted as a major use of the new capital. ApplyBoard's growth trajectory continued beyond the 2021 round. By 2024, the company secured an additional $73.63 million line of credit, indicating sustained investor confidence. Current market data suggests the company has evolved to generate estimated annual revenues in the range of $295 million, though this represents a later point in the company's development than the June 2021 funding event. The company eventually proceeded toward a public listing, demonstrating the successful execution of the growth strategy funded by this Series D capital raise.
Sep 2020Series CEducational Testing Service (ETS) (lead); Index Ventures (lead); Harmonic Growth Partners; BDC Capital; Blue Cloud Ventures$55M-ApplyBoard is an AI-powered online marketplace that connects international students with educational institutions in Canada, the US, UK, and other countries, simplifying the application process from program selection to visa support. Founded in 2015 by brothers Martin, Meti, and Massi Basiri, the company had by 2019 helped over 45,000 students apply to more than 1,200 institutions and worked with thousands of recruitment partners. In May 2020, it raised C$100M in an initial Series C round led by Drive Capital with participation from Fidelity Investments Canada, BDC, and others, achieving unicorn status at a post-money valuation of C$2 billion. This was followed in September 2020 by a $55M Series C extension led by Index Ventures, ETS, and Harmonic Growth Partners, aimed at accelerating global expansion amid rising international student demand. The September 2020 extension built on prior rounds, including a C$55M Series B in May 2019 led by Anthos Capital and a C$17M Series A in 2018 led by Artiman Ventures, bringing total funding to around C$172M by mid-2020. Investors in the extension included BDC Capital and Blue Cloud Ventures alongside leads ETS and Index Ventures. Funds were earmarked for platform enhancements, hiring, and market expansion into new destinations. ApplyBoard's traction included partnerships with over 4,000 recruitment partners and assisting over 100,000 students by 2020. Later developments saw a C$375M Series D in June 2021 led by Ontario Teachers’ Pension Plan at C$4B post-money valuation (US$3.2B), with participation from Fidelity, BDC, Harmonic, Index, and Blue Cloud.
May 2020Series CDrive Capital (lead); Plug and Play; Bela Juju Ventures; Maropost Ventures; Anthos Capital; Candou Ventures; Garage Capital; Artiman Ventures; INP Capital; Business Development Bank of Canada; Fidelity Canada$72M$1.5BApplyBoard is an AI-enabled recruitment platform that transforms how international students access higher education opportunities. Founded in 2015 by brothers Martin, Meti, and Massi Basiri, the company connects students with over 1,200 educational institutions and 4,000 recruitment partners across Canada, the United States, and the United Kingdom. The platform simplifies the study abroad search, application, and acceptance process for international students seeking to pursue higher education abroad. In May 2020, ApplyBoard closed its Series C funding round at a post-money valuation of C$2 billion, achieving unicorn status as a private company valued over US$1 billion. The round raised C$100 million in primary equity capital led by Columbus-based venture capital firm Drive Capital. The financing was joined by Fidelity Investments Canada ULC, Business Development Bank of Canada, and existing investors including Anthos Capital, Artiman Ventures, Garage Capital, and Plug and Play Tech Center. The company announced it had assisted over 100,000 students with their educational journey to that date. ApplyBoard had previously raised C$17 million in Series A funding in June 2018 and C$55 million in Series B funding approximately one year before the Series C round. With the Series C capital, the company planned to invest in technology development, expand into new destination countries for educational partnerships, and serve a broader diversity of students and recruitment partners globally. ApplyBoard had been recognized by Deloitte in 2019 as Canada's fastest-growing tech company and would go on to be ranked number 3 on LinkedIn's Top Startups List in 2020.
May 2019Series BAnthos Capital (lead); Celtic House Asia Partners; Think + Ventures; Artiman Ventures; Golden Ventures$40M-ApplyBoard is an AI-powered platform that connects international students with educational institutions in North America, simplifying program selection, applications, document submission, and visa processes. Founded by Iranian brothers Martin, Meti, and Massi Basiri based on their own challenges studying abroad, the company vets applications to ensure completeness, achieving a 95% offer letter success rate for students. By May 2019, it had helped over 45,000 students and partnered with more than 1,200 institutions. On May 27, 2019, ApplyBoard raised C$55 million in a Series B round led by Anthos Capital, with participation from existing investors including Artiman Ventures, Celtic House Asia Partners (implied via prior rounds), Golden Ventures, and Think + Ventures. This brought total funding to C$72 million, following a C$17 million Series A in 2018. The proceeds were earmarked for enhancing the AI platform, market expansion, and hiring over 100 employees across Kitchener headquarters and international offices. Around this period, ApplyBoard demonstrated rapid growth, with CEO Martin Basiri noting 13 times revenue growth (1,300% increase) over the ten months post-Series A. The company positioned itself as a leader in international student recruitment, focusing on accessibility and diversity in applicant pools for schools and universities. Subsequent rounds highlighted ongoing momentum: a later 2019/2020 Series C of C$100 million valued the company at C$2 billion, making it a unicorn, led by Drive Capital with participation from Fidelity, BDC, and prior investors. Earlier, Deloitte recognized it as Canada's fastest-growing tech firm with 12,525% revenue growth from 2015-2018 and 500% YoY in 2019.
Jun 2018Series AArtiman Ventures (lead); Plug and Play; Green Century Investment; Shahin Hedayat; Think + Ventures; AVV; Candou Ventures; INP Capital; 500 Global$13M-ApplyBoard raised $13 million USD (equivalent to CA $17 million) in its Series A funding round on June 28, 2018, led by Artiman Ventures, with participation from 500 Global, Candou Ventures, Think + Ventures, and others including Plug and Play. The company, an AI-enabled marketplace, helps international students apply to universities worldwide by matching profiles to suitable programs and assisting with visas, achieving a 95% acceptance rate. Funds were allocated to company growth and platform development to enhance global education access.
Oct 2015Pre-seedNext Sparc Growth Partners$500K--

Who has invested in ApplyBoard?

28 investors have backed ApplyBoard across its funding rounds, including Artiman Ventures, Plug and Play, Index Ventures, Business Development Bank of Canada, Garage Capital and Blue Cloud Ventures.

Lead investors include Ontario Teachers' Pension Plan, Educational Testing Service (ETS), Index Ventures, Drive Capital, Anthos Capital and 1 other investor.


ApplyBoard Investors

Investors in ApplyBoard by funding rounds participated
InvestorHQRoundsRoleFirst check
Artiman VenturesUnited StatesSan Francisco, CA3LeadJun 2018
Plug and PlayUnited StatesSan Francisco, CA2ParticipantJun 2018
Index VenturesUnited KingdomLondon2LeadSep 2020
Harmonic Growth PartnersUnited StatesWashington, DC2ParticipantSep 2020
Anthos CapitalUnited StatesLos Angeles, CA2LeadMay 2019
Think + VenturesUnited StatesSan Francisco, CA2ParticipantJun 2018
Candou VenturesUnited StatesSan Francisco, CA2ParticipantJun 2018
Garage CapitalUnited StatesLos Angeles, CA2ParticipantMay 2020
INP CapitalCanadaVancouver2ParticipantJun 2018
Business Development Bank of CanadaCanadaMontreal2ParticipantMay 2020
Blue Cloud VenturesUnited StatesMiami, FL2ParticipantSep 2020
Educational Testing Service (ETS)United StatesPrinceton, NJ1LeadSep 2020
Celtic House Asia PartnersCanadaToronto1ParticipantMay 2019

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Acquisitions by ApplyBoard

ApplyBoard has acquired 1 company to date.

Last acquisition by ApplyBoard was on March 22nd 2022. ApplyBoard acquired TrainHub for undisclosed valuation.


Latest Acquisitions by ApplyBoard

TrainHub
Description
TrainHub is an international education training ecosystem for schools and agents. It streamlines operations with tools for student management, scalability, and relationship building in study abroad programs across Asia and Europe.
HQ CountryCanada
HQ City
Kitchener
Deal Date22 Mar 2022
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Investments by ApplyBoard

ApplyBoard has invested in 1 company to date.

Latest investment by ApplyBoard was on October 28th 2019. ApplyBoard invested in Guiker in their $2M Pre-seed round.


Latest Investments by ApplyBoard

Guiker
Description
Guiker is a Montreal-headquartered proptech company streamlining residential renting with digital lease signing, rent collection, and maintenance requests. Active in major Canadian cities since 2016, it serves individual landlords and property managers nationwide.
HQ CountryCanada
HQ City
Montreal
Deal Date28 Oct 2019
RoundPre-seed
Raised$2M
InvestorsPanache Ventures; Real Ventures; One Way Ventures
Valuationundisclosed
EV/Revenue
EV/EBITDA

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ApplyBoard Competitors

ApplyBoard competitors include listed companies like eFinance and CoStar Group, and private ones like growV, Articulate, VIPKID and Reify Health.

Public and private companies comparable to ApplyBoard
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
eFinanceEgyptEgyptPublicly listed$130M$67M$1.6B-
CoStar GroupUnited StatesUnited StatesPublicly listed$3.2B$183M$12B3.3x
growVSouth KoreaSeoulPrivate--$3B-
ArticulateUnited StatesNew York City, NYPrivate--$3.8B-
VIPKIDChinaBeijingPrivate$750M-$4.5B-
Reify HealthUnited StatesBoston, MAPrivate--$4.8B-

ApplyBoard Public Comps

ApplyBoard is still privately-owned, but its public comps include Tongcheng Travel, Seek, Rasan, East Buy, Stride, Goto Gojek Tokopedia, IPE Universal, People, Inchcape and Mercari.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tongcheng Travel$2.9B$659M0.7x0.7x3.0x2.6x
Seek$914M($63M)4.2x4.5x(61.7x)10.2x
Rasan$174M$73M16.1x11.0x38.6x25.9x
East Buy$850M$98M3.0x2.8x26.3x22.4x
Stride$2.5B$580M1.2x1.2x5.1x4.8x
Goto Gojek Tokopedia$1B($16M)2.0x1.7x(125.5x)13.1x
IPE Universal$15M$3M236.1x-1350.5x-
People$2.4B$122M1.3x1.6x25.4x11.3x

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Common questions about ApplyBoard

When was ApplyBoard founded?ApplyBoard was founded in 2015.
Where is ApplyBoard headquartered?ApplyBoard is headquartered in Waterloo, Canada.
Is ApplyBoard publicly listed?No, ApplyBoard is a private, VC-backed company.
What is ApplyBoard's valuation?ApplyBoard was last valued at $3.2B in its Series D in June 2021.
How much funding has ApplyBoard raised?ApplyBoard has raised $481M across 6 funding rounds.
What was ApplyBoard's last funding round?ApplyBoard's last funding round was a $300M Series D in June 2021, led by Ontario Teachers' Pension Plan.
Who are ApplyBoard's investors?ApplyBoard's investors include Artiman Ventures, Plug and Play, Index Ventures, Harmonic Growth Partners, Anthos Capital, Think + Ventures, Candou Ventures, Garage Capital, INP Capital, Business Development Bank of Canada and 18 others.
Which companies are comparable to ApplyBoard?Companies comparable to ApplyBoard include eFinance, CoStar Group, growV, Articulate, VIPKID and Reify Health.
How many companies has ApplyBoard acquired?ApplyBoard has acquired 1 company, including TrainHub.
How many companies has ApplyBoard invested in?ApplyBoard has invested in 1 company, including Guiker.
What was ApplyBoard's last investment?In October 2019, ApplyBoard invested in Guiker's $2M pre-seed round alongside Panache Ventures, Real Ventures and One Way Ventures.

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