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ApplyBoard confirms Teachers-led $300-million financing as Waterloo-area startup expands free service to help international students

Siblings Martin and Meti Basiri, who co-founded Apply Board with their brother Massi.

Tijana Martin/The Globe and Mail

ApplyBoard Inc., one of the fastest-growing startups to emerge from the Waterloo, Ont., region in years, confirmed Tuesday it has raised US$300-million in a venture funding led by Ontario Teachers’ Pension Plan that values the company at US$3.2-billion.

The funding, first reported last week by The Globe and Mail, was also backed by investors Fidelity Management & Research Co. LLC, Business Development Bank of Canada, Harmonic, Index Ventures, Garage Capital and Blue Cloud Ventures. ApplyBoard previously raised $242-million.

The deal is the highest-profile Canadian bet by the two-year-old Teachers’ Innovation Platform, which has a mandate to increase the pension giant’s exposure to private technology investments.

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Kitchener, Ont.-based ApplyBoard was founded in 2015 by Iranian-born CEO Martin Basiri, now…

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