The problem
Studying abroad means decoding each school’s requirements, assembling paperwork, finding trustworthy guidance, and securing a visa — a fragmented ordeal the three Basiri brothers lived through when they came from Iran to study in Canada.
How it works
ApplyBoard runs one platform where international students search programs, apply, and follow acceptance across more than 1,500 primary, secondary, and post-secondary institutions in Canada, Australia, the US, and the UK. A global network of recruitment partners brings student demand onto the platform; institutions get a diversified pipeline of applicants. Founded in 2015 in Kitchener, Ontario, the company also publishes ApplyInsights research on permits and student mobility that the sector treats as a reference.
Pain points
Opaque admissions criteria, agent fraud risk, visa complexity, and colleges over-dependent on one or two source countries for international enrolment.
Business model
Marketplace economics: free-side student demand aggregates on the platform while revenue comes from the institution side — fees tied to enrolments delivered through ApplyBoard’s pipeline — plus partner services around conversion and retention.
Challenges
Federal study-permit caps introduced in 2024 cut the core transaction volume: ApplyBoard projects only ~80,000 new post-secondary study visas approved in 2025 (down ~62% from 2024, lowest in a decade), with approval rates near 37% — squeezing both the company’s growth and the colleges that depend on international tuition.
Funding
- Raised: C$375M (US$300M) Series D led by Ontario Teachers’ Pension Plan via its Teachers’ Innovation Platform (June 2021).
- Valuation: C$4B post-money (US$3.2B).
Latest — November 2025
After Ottawa set the 2026 study-permit target at 408,000 (155,000 new arrivals), ApplyBoard CEO Meti Basiri warned the cap “raises real questions about Canada’s ability to attract and retain global talent,” noting approval rates around 34% make allocations nearly impossible to fill (The PIE News, Nov 26, 2025).