[Funding alert] Edtech startup ApplyBoard raises $300M at a valuation of $3.2B

ApplyBoard, an edtech platform that aims to empower students around the world to access top-quality education, today announced it has raised $300 million in Series D funding at a post-money valuation of $3.2 billion.

According to a statement shared by the company, a significant share of the funding raised will be utilised to expand its operations and team in India. The round was led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’) through its Teachers’ Innovation Platform (TIP).

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Existing investors Fidelity Management & Research Company LLC, BDC, Harmonic, Index Ventures, Garage Capital, and Blue Cloud Ventures also participated in the round. Since its founding, ApplyBoard has raised $475 million. The company stated that India will see a significant expansion of ApplyBoard’s already strong presence in the country.

Martin Basiri, Co-founder and CEO, ApplyBoard said in the press note, “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.”

The startup was founded in 2015 by brothers Martin, Meti, and Massi Basiri. As international students who came from Iran to Canada for their education, they first-hand experienced the challenges when it comes to applying to international schools. They decided to start ApplyBoard to make it easier for others. 

"India is at the centre of defining and developing ApplyBoard’s product strategies. The edtech startup continues to expand its team in India to help support their customers not just in the country but globally," said the statement.

The funding will enable the edtech startup to significantly expand its presence in the country. Additionally, they aim 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, General Manager and Head of India Operations at ApplyBoard India.

In the last six years, ApplyBoard has grown to help more than 200,000 students with their application journey, and plan to support millions in the coming years.

It has been expanding its operations to offer access to international educational programmes in the UK, Australia, and the US, and doubling the number of global team members to more than 1,000.

The statement said ApplyBoard has also added new products and services over the past year, including ApplyProof, which enables stakeholders in the student journey (including admissions officers and immigration officials) to trust the authenticity of documents, such as English test scores, letters of acceptance, and more.