Now, the company has responded to the news, saying such valuations only represent “a moment in time” and assuring that it is primed for further growth.
The PIE News has seen detailed analysis conducted by OPM Wire, based on disclosures released from Fidelity funds, that indicate the company has now declined by as much as 74% from its peak valuation.
The downturn coincides with major policy disruption in the Canadian higher education sector, where ApplyBoard’s own analysis predicts study permit approvals have fallen by 45% in response to international student caps.
Canadian investment firm Fidelity has two funds that hold stakes in ApplyBoard: the Canada Fund and Special Situations Fund. Both funds have released updates on the performance of investments including ApplyBoard.
These funds form part of over $554 million in capital investment in ApplyBoard over the past decade, spanning more than 31 investors. Other investors include the Canadian Teachers’ Venture Growth Fund, the growth equity arm of the Teachers Pension Plan.
Investment in ApplyBoard peaked in June 2021, when the company secured CAD$300m in a Series D funding round, elevating its valuation to $3.2bn.
However, according to Crunchbase, ApplyBoard was forced to raise a further CAD$100m in debt financing from RBCx in 2024.
Responding to the information being published by OPM Wire, David Borecky, CFO of ApplyBoard, told The PIE: “Valuations are a moment in time, and our focus is on long-term growth and impact. ApplyBoard is well-capitalised, with several years of cash on hand and no need to fundraise.
ApplyBoard is well-capitalised, with several years of cash on hand and no need to fundraise
David Borecky, ApplyBoard
“As we continue to scale and drive strong business fundamentals, we are confident in our long-term value creation. Our success is defined by the millions of students we empower worldwide, and we remain committed to executing our strategy and supporting institutions globally.”
ApplyBoard CEO Meti Basiri commented: “Student demand for international education continues to gain momentum. ApplyBoard is committed to helping students access life-changing opportunities, with 1,500+ institution partners in six countries and more than 1 million students from 150+ countries connected to education, we are steadfast in our mission.
“ApplyBoard ranks number four on the 2024 Deloitte Technology Fast 50™ Enterprise – Industry Leaders list, with nearly 800% revenue growth over three years. This marks our sixth consecutive year as one of Canada’s fastest-growing technology companies and we are uniquely positioned to grow ApplyBoard’s category leadership.”
The company has recently announced the launch of its first non-Anglophone study destination in Germany, reflecting the rising interest in non-traditional study abroad markets.
It has an ambitious goal to have 20 study destinations on the platform by the end of the decade.
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