Drive Capital led the round in ApplyBoard, whose platform connects international students with schools in North America and the U.K., along with a group including new investors Fidelity Investments Canada and the Business Development Bank of Canada. (The Logic)
Talking point: ApplyBoard signed the term sheet for the deal in mid-February, before the economic effects of the pandemic were widespread. Although its business relies on international travel, the company is bullish on its long-term prospects. “A lot of schools, now that they cannot travel themselves recruiting international students, they’re coming to ApplyBoard because we already have very good reach,” CEO Martin Basiri said. The $2-billion valuation makes ApplyBoard one of the highest-valued private tech companies in the country. The five-year-old company has grown rapidly in recent years, with 180 staff in May 2019 to 400 today, and it plans to add an additional 100.