Whereas enterprise capitalists are pouring funding into edtech startups, the surge of curiosity isn’t coming with out strain.
Edtech corporations are looking for new methods to faucet right into a booming market. As Course Hero co-founder Andrew Graeur put it, the purpose for his Q&A platform went from reaching one million subscribers to “many tens of millions” because of the COVID-19 pandemic.
A technique edtech corporations are approaching these unprecedented occasions is by elevating extension rounds which might be earmarked particularly to deliver on strategic companions from all over the world. The strategy of buying and selling fairness for an opportunity at globalization is neither uncommon nor low-cost, however comes with new weight given the sector’s increase.
At this time, ApplyBoard closed a $55 million extension spherical for its Sequence C, which now totals $130 million. ApplyBoard helps worldwide college students search and apply to universities and faculties internationally. It desires customers to think about it as a Common App for worldwide college students, serving as a university undergrad utility.
A spokesperson for the startup — which turned a unicorn valued at over $1.four billion in Might — says the spherical didn’t change its valuation. As a substitute, the financing was “much less about funding, and extra in regards to the companions that we have been capable of deliver on board in consequence.”