Failed 2023

    ApplyBoard (Down Round & Layoffs)

    Canada's CAD$3.2B unicorn ApplyBoard accepted a deep recap and laid off ~40% of staff as Canadian student-visa caps decimated its core market.

    Founded → Closed

    2015 → 2023

    Funding Raised

    $600M

    Industry

    EdTech/Enrollment

    Country

    Canada

    Full Analysis

    Kitchener-Waterloo-based ApplyBoard helps international students apply to Canadian and US universities. After hitting CAD$3.2B valuation in 2022, the Canadian government's 2024 student-visa cap directly threatened its core revenue. ApplyBoard cut ~40% of staff across multiple rounds and reportedly accepted a deep down-round recapitalization. A textbook policy-risk failure.

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