Valuation cut ~74% to under $1B by 2024 as Canada capped international-student visas
The rise & fall
6 moments Β· 2015β2024
The key moments, with employee sentiment along the way.
2015
π±
2015
Founded in Waterloo
The Basiri brothers, once international students themselves, build a common app for studying abroad β schools pay the commissions.
Wikipedia
2021
π
2021
The peak: a $3.2B Series D$3.2B
A $475M round backed by Ontario Teachers', Drive Capital and BDC makes it a unicorn β three times over β at the pandemic boom's height.
The PIE News
2022β24
π¬
From the inside Β· Glassdoor reviews, 2022β24
Glassdoor reviews from the squeeze described repeated layoff rounds over roughly two years β a few tied to the visa clampdown β along with frequent restructuring, management churn, and Canadian roles shifting to lower-cost teams in India.
Jan 2024
Jan 2024
Canada caps student visas
Ottawa clamps down on international-student permits β ApplyBoard's core market β and application volumes drop.
The PIE News
2024
π
2024
Falls out of the club
The valuation drops roughly 74% to under $1B as the visa cap bites.
The PIE News
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
How it happened
ApplyBoard is a Canadian edtech platform that helps international students find and apply to colleges abroad, earning commissions from schools. Riding the pandemic-era boom, it raised a $475M Series D in 2021 that valued it at $3.2B, backed by Ontario Teachers' Venture Growth, Drive Capital and BDC.
Its fortunes turned when Canada β its core market β sharply capped international-student visas, cutting application volumes; by 2024 its valuation had fallen roughly 74% to under $1B.
Source: The PIE News / Wikipedia / OPMwire (Canadian international-student recruitment platform backed by Ontario Teachers' Venture Growth, Drive Capital and BDC; reached a $3.2B valuation on a 2021 Series D that raised $475M; Canada's cap on international-student visas hit its business and its valuation fell ~74% to under $1B by 2024)
