Canadian ed tech unicorn ApplyBoard has raised C$375 million (£215.3 million) in Series D funding in a round led by Ontario Teachers’ Pension Plan Board, through its Teachers’ Innovation Platform (TIP), which focuses on late-stage venture and growth equity investments in companies developing innovative technologies.

Existing investors Fidelity Management & Research Company, BDC, Harmonic, Index Ventures, Garage Capital, and Blue Cloud Ventures also participated.

This latest round of funding follows last year’s C$100m Series C and C$70M Series C extension funding.

ApplyBoard stated it will use the funds to develop new product offerings, expanding to more study abroad destination countries, and grow its support teams at scale.

Martin Basiri, co-founder and chief executive of ApplyBoard, said: “Education has the power to change lives and bring peace to the world, and ApplyBoard is more committed than ever to helping the millions of students around the world who are dreaming of studying abroad. With limited international travel over the past year, we at ApplyBoard are already seeing pent-up demand from students looking to study abroad. We are excited for what this new investment into our mission 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.”

Olivia Steedman, senior managing director of TIP, added: “At Ontario Teachers’, we have a fundamental belief in the value of a top-quality education. ApplyBoard’s technology platform is simplifying the process of connecting students and educational institutions and creating greater opportunities for education globally.”

Since founding in 2015, ApplyBoard has raised C$600m.

Date published: 30 July 2021

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