Brothers Martin, Meti and Massi Basiri all left Iran to review overseas in Canada. After scuffling with each side from the visa course of to grade conversions, the brothers noticed a possibility to make the transition to review internationally extra seamless. So, they began Applyboard in 2015 at College of Waterloo’s Velocity Storage.
ApplyBoard has two foremost components of its enterprise. First, the corporate helps worldwide college students search and apply from a single platform to universities and schools internationally. Much like how American college students use the Frequent App to use to varsities, ApplyBoard seeks to be the faculty undergrad software for worldwide college students, and function a market. It’s free for college students.
The opposite a part of ApplyBoard’s enterprise is on the college facet. The startup makes cash from revenue-sharing agreements with schools and universities. If a pupil attends a school from utilizing their companies, ApplyBoard will get a lower of the tutoring.
Whereas the SaaS-enabled startup didn’t disclose income, it stated it took in $300 million in gross sales final yr.
5 years after founding, ApplyBoard has helped help over 100,000 college students throughout 110 nations to review internationally. In the present day, the Ontario-based startup introduced it raised $75 million (USD) at a $1.5 billion valuation, making it the most recent edtech unicorn.
Not like many of the reported rounds we’ve been masking today, this spherical was closed on the finish of March within the thick of the pandemic for Canada, co-founder Martin Basiri informed TechCrunch . It signifies that ApplyBoard’s new valuation is one more instance of how edtech as a sector is feeling greenback signal momentum from COVID-19.
The pandemic has pressured hundreds of thousands of scholars to be taught from dwelling, placing tech firms on the forefront of creating distant training doable. ApplyBoard, stated Basiri, had a 200% month-over-month surge of latest colleges signing up for its service.
“Loads of traders observed the significance of our digital platform that may do such an vital job,” stated Basiri.
Whereas most unicorns within the edtech house hail from the B2C house, like Duolingo and Udemy, the story with ApplyBoard reveals that there’s promise in promoting to giant companies. The world over, schools have been turning to different advertising and marketing channels as campus excursions and restricted journey hurts their publicity to worldwide college students.
The brand new spherical was led by Drive Capital. Different taking part traders embrace Fidelity Investments Canada ULC, Enterprise Improvement Financial institution of Canada, Anthos Capital, Artiman Ventures, and Plug and Play Tech Center. ApplyBoard plans to rent 100 extra staff, atop its current 400 employees.