The Edtech space is looking up like never before. Canadian edtech unicorn ApplyBoard raised $300 million in external investment in Series D funding at a post-money valuation of $3.2 billion. Significant part of the funding would be uitilised to expand operations in India the company said. India will see a significant expansion of ApplyBoard’s already strong presence in the country.
The company said that India is at the centre of defining and developing ApplyBoard’s product strategies. Since its founding, ApplyBoard has raised $475 million and this round was led by Ontario Teachers’ Pension Plan Board, through its Teachers’ Innovation Platform (TIP).
Martin Basiri, Co-founder and CEO, ApplyBoard said, “With limited international travel over the past year, we are seeing pent-up demand from students looking to study abroad. We are excited for what this new investment will allow us to accomplish to help our students, partner institutions, and recruitment partners, so that our industry can build back better in a post-COVID world.”
In 2019, Deloitte recognized ApplyBoard as Canada’s fastest-growing tech company, citing 12,525 percent GAAP revenue growth between 2015 and 2018. Its revenue surged by 500 percent year over year in 2019 alone, according to Basiri.
Additionally, the company said it is aiming to continue investing in the expansion of their product offerings to their students and partners and add to their growing brand visibility for India.”
We are excited by the opportunities this funding will provide as a significant part of this funding will help us further step up the product and business growth in India and support students wishing to study abroad along their journey,” said Karunn Kandoi, GM and Head of India Operations at ApplyBoard India.
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