ApplyBoard cuts 90 staff

Regional media in the Waterloo region of Canada is reporting that ApplyBoard cut 90 of its 1500 staff on Monday 28 November. The staff ApplyBoard has let go are from its customer experience team.

According to a story in The Hamilton Spectator, ApplyBoard said in a statement:

This decision was exclusive to the customer experience department and was based on process efficiencies identified as a result of thorough planning…This restructuring affected approximately six per cent of ApplyBoard’s global team.

ApplyBoard is the biggest agent aggregator in an increasingly crowded field. Other key players include Adventus.io, Dfavo, Shorelight, Edvoy, Univalley, and KC Overseas. Since it was founded in 2015, the company has raised US$475m in equity investment. The most recent funding round in June 2021 saw ApplyBoard raise US$300m, led by an investment from the Ontario Teachers’ Pension Plan Board, through its Teachers’ Innovation Platform (TIP). Following that investment, ApplyBoard was valued at US$3.2 billion.

The statement issued to Canadian media by the company also said: “ApplyBoard remains well capitalized with years of runway.”