The well known aggregator for international student applications said the new capital will be used to meet the “pent-up demand of international students looking to study abroad” through new product offerings, destination countries, and expanded support teams at scale.
The funding round was led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’), through its Teachers’ Innovation Platform (TIP).
ApplyBoard is based in Canada and now keen to widen its applications portal to cover more global study destinations.
“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,” said Martin Basiri, Co-founder and CEO, ApplyBoard.
“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.”
Since its founding, ApplyBoard has raised C$600M (US$475M). The Teachers’ Innovation Platform focuses on late-stage venture and growth equity investments in companies developing innovative technologies.
It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan’s founding in 1990.
“At Ontario Teachers’, we have a fundamental belief in top quality education,” said Olivia Steedman, Senior Managing Director, TIP.
“ApplyBoard’s technology platform is simplifying the process of connecting students and educational institutions and creating greater opportunities for education globally.”
Existing investors Fidelity Management & Research Company LLC, BDC, Harmonic, Index Ventures, Garage Capital, and Blue Cloud Ventures also participated in the funding round.