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Waterloo Region-based unicorn ApplyBoard hits $4 billion valuation

Waterloo-based edtech scale-up ApplyBoard has closed a $375 million Series D funding round on a $4 billion valuation.

ApplyBoard, a Waterloo-based edtech leader, has announced a $375 million Series D funding round that brings the company’s total value to $4 billion.

An online platform that empowers students around the world to access top quality educations, ApplyBoard became a unicorn just one year ago on the back of a $100 million Series B raise. In total, the company has raised at least $600 million since it was founded in 2015.

With many parts of the world emerging from the pandemic, ApplyBoard is ideally placed to connect potential students with the post-secondary programs they seek.

" 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 who are dreaming of studying abroad. "

Martin Basiri

Co-founder and CEO, ApplyBoard

“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,” he said.

Over the last year, ApplyBoard has expanded its platform to offer access to international educational programs in the United Kingdom, Australia and the United States, and their team has grown to match with a workforce of more than 1,000. The new funding will help further expand the company’s product offerings, destination countries and support for international students seeking to study abroad.

One year ago, we wrote about how ApplyBoard represents a quintessential “Waterloo Story” of how technology companies find success in Canada’s most dynamic tech hub. Not only has the company drawn on the talent of the University of Waterloo – a top-40 engineering and technology school – but it has also recruited heavily from Wilfrid Laurier University and Conestoga College, and benefited from programming from The Accelerator Centre, Velocity incubator and Communitech.

This news caps a huge week for the Waterloo tech ecosystem. In addition to ApplyBoard’s news, Faire – another Waterloo-based scale-up – announced its own multi-billion-dollar valuation just last week and the community also welcomed a global brand with MasterClass announcing plans to create a Canadian HQ. The University of Waterloo – Canada’s top technology school – was also named a top-150 university in the 2022 Quacquarelli Symonds (QS) overall global university rankings.

Learn more about Waterloo’s incredible tech ecosystem