Columbus, Ohio-based Drive Capital led the seed round in Martin Basiri’s new venture, Passage. The funding will go towards building a platform that helps immigrants apply to work or study in Canada and connects them with sources to lend or grant them money. (The Logic)

Talking point: Basiri stepped down from his CEO role at ApplyBoard—which helps foreign students get into western universities and colleges—in September 2022 to focus on Passage. Under his leadership, ApplyBoard raised $600 million over 11 investment rounds and fetched a valuation of over US$3 billion in the latest one. Basiri told The Logic during an interview at Collision Tuesday that the company, which is now led by brother Meti, has helped place over 700,000 foreign students. Passage aims to help immigrants who don’t have the money needed to study and get established in Canada. Those using the platform will be able to access loans from financial institutions and grants and scholarships from non-profits, as well as Passage’s own loan book, said Basiri. The company will generate revenue through interest on loans, but Basiri said that isn’t the company’s primary concern right now. “Our main focus first [is to] solve the financial access,” he said. “If you solve it, money will follow.”