CDPQ Invests in ApplyBoard, a Global Leader in EdTech

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Caisse de dépôt et placement du Québec

Aug 04, 2021, 07:01 ET

New capital will be used to pursue ApplyBoard's global expansion strategy through new product offerings, destination countries, and expanded support teams at scale
Investment made by CDPQ as part of its Equity 25³fund, which targets companies that leverage diversity and inclusion as a vector of development and expansion

MONTRÉAL and KITCHENER, ON, Aug. 4, 2021 /PRNewswire/ - ApplyBoard, the online platform that empowers students around the world to access top quality education, and Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced today a minority investment in ApplyBoard as part of its Series D round. CDPQ is investing through its Equity 25 ³ fund, the largest Canadian fund ever created to target companies that leverage diversity and inclusion as a vector of development and expansion.

This investment is part of ApplyBoard's recent US$300M Series D announcement that put its valuation at US$3.2 Billion. The addition of CDPQ to ApplyBoard's investors further strengthens its position as a global leader in EdTech and the international education industry. CDPQ's investment is aligned with its broader strategy to support global disruptive technology companies.

"ApplyBoard is excited to welcome CDPQ, not only as an investor, but also as a partner dedicated to long-term growth," said Martin Basiri, Co-Founder and CEO of ApplyBoard. "After working with CDPQ, we've come to love working with their team. Their values and their dedication to doing something good for the world stood out immediately and connected with what we are doing right now at ApplyBoard."

As the world's largest online platform for international studies, ApplyBoard is revolutionizing the student application experience by leveraging the use of technology through its integrated online platform that connects international students, academic institutions, recruitment partners and governments. In the past year, ApplyBoard maintained its rapid growth by increasing the number of students using its platform, developing new partnerships with schools, and expanding its services to offer access to international educational programs in Canada, the UK, Australia, and the U.S.

"Diversity and inclusion are at the heart of ApplyBoard's way of doing business, both of which are aimed at sustaining value creation for the long term. They are reflected in the company's quality management team and workforce, and through its mission to democratize education by allowing international students to access academic institutions around the world," said Wils Theagene, Senior Director, Québec at CDPQ and representative of the Equity 25³ fund. "Through our diversity-dedicated fund, Equity 25³, we want to accompany promising Canadian SMEs and technology companies like ApplyBoard to implement D&I initiatives and promote them as strategic business priorities."

ApplyBoard recently exceeded more than 1,000 team members worldwide to meet ongoing market demand and product development, including ApplyProof, which enables stakeholders in the student journey to trust the authenticity of documents, such as English test scores, letters of acceptance, and more.

ABOUT ApplyBoard
ApplyBoard empowers students around the world to access the best education by simplifying the study abroad search, application, and acceptance process to more than 1,500 institutions across Canada, Australia, the United States, and the United Kingdom. ApplyBoard, headquartered in Kitchener, Ontario, Canada, has helped more than 200,000 students from more than 125 countries along their educational journeys since 2015. To learn more, visit: www.applyboard.com.

ABOUT CDPQ
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2020, CDPQ's net assets total CAD 365.5 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.

ABOUT Equity 25³Equity 25³ is an investment fund aimed at increasing diversity and inclusion in profitable SMEs and promising technology companies based in Québec or elsewhere in Canada. With a total of $250 million in funding, Equity 25³ is the largest Canadian fund ever created to target companies leveraging diversity and inclusion as a vector of development and expansion. To be selected, SMEs must commit to diversifying their workforce so that at least 25% of their Boards of Directors, management teams and shareholding is comprised of people of diverse backgrounds (e.g. women, visible minorities, Indigenous peoples) in the five years following confirmation of financing. For more information, visit cdpq.com/en/equity25-3.

SOURCE Caisse de dépôt et placement du Québec