A company that was co-founded by Waterloo Engineering alumnus Martin Basiri has achieved unicorn status after securing $100 million in new investment.
ApplyBoard, which was launched in 2015 and now has more than 400 employees in 20 countries, is an online platform that helps students apply for universities, colleges and high schools in Canada, the United and the United Kingdom.
Basiri (MASc ’13, mechanical engineering) started the company with his two brothers, Meti and Massi, after overcoming numerous obstacles to help bring them over from their native Iran to also study in Canada.
Martin Basiri, left, poses with former dean Pearl Sullivan at the Waterloo Engineering Awards Dinner last fall.
“Accelerated by recent events, it’s vital we fuel innovation that supports the future success of the education sector,” Basiri, chief executive officer of the Kitchener-based company, said in a statement announcing the $100-million investment. “We are committed to advancing our work with students, educational institutions, and recruitment partners to improve lives through education.”
ApplyBoard, which works with over 1,200 educational institutions and 4,000 recruitment partners, uses artificial intelligence to match prospective students to programs based on factors including their qualifications and finances.
The latest funding round, which Basiri said boosts the company’s valuation to about $2 billion, was led by Ohio-based Drive Capital. Privately held startups valued at US $1 billion or more are called unicorns because they are so rare.
The company plans to use the money to invest in its technology, partner with institutions in new destination countries and serve a broader range of students and recruitment partners.
“We’re thrilled to partner with Martin and his team because we believe ApplyBoard makes the world a better place,” said Nick Solaro, a partner in Drive Capital. “They are fundamentally changing the way students across the globe access education.”
ApplyBoard was recognized last fall as the fastest-growing technology startup in Canada and Basiri received the Young Alumni Achievement Medal at the annual Waterloo Engineering Awards Dinner.
“Go for it – and don’t have a plan B,” he told a crowd of more than 350 people at Federation Hall. “The main reason people fail is because they have a plan B. Focus on your plan A.”