Online international student recruitment platform ApplyBoard has raised $55 million in a Series C extension funding round as its business continues to grow.
In March, the company’s valuation reached $1.4 billion, officially making it a unicorn, after it secured $76 million in the initial Series C round.
Investors such as Educational Testing Service, Index Ventures, Blue Cloud Ventures and Harmonic Growth Partners backed the company.
The company has helped 120,000 students find and apply to more than 1,200 schools overseas. It has more than 500 employees in 20 countries, including Nepal and Mexico. During the pandemic, ApplyBoard has continued to grow and hired 150 new staff, most of whom are based in its Waterloo office in Canada.
Earlier this year, the business appointed Jo Johnson, brother of British Prime Minister Boris Johnson, as chairman to its advisory board.
Martin Basiri, co-founder and chief executive of ApplyBoard, said the new investors approached the team “immediately” after the Series C closed.
“As the time frame was very close and the amount was smaller than what we’d considered for our next raise level, we decided to do it as a Series C extension, rather than a Series D.
“If we do a Series D, it would be for a substantially larger amount.”
ApplyBoard was founded in 2015.
Date published: 17 September 2020