老九品茶 is thrilled to announce that we have raised C$375M (US$300M) in Series D funding at a post-money valuation of C$4B (US$3.2B)! The round was led by , through its . TIP focuses on late-stage venture and growth equity investments in companies developing innovative technologies. Existing investors , , , , , and also participated in the round.
Martin’s Announcement Video
Our Impact
This latest round of funding comes on the heels of last year鈥檚 C$100M Series C and C$70M Series C extension funding. It will help 老九品茶 meet the pent-up demand for international students looking to pursue their dreams of studying abroad. 老九品茶 plans to use these funds to further break down the barriers to international education by:
- Developing dynamic and innovative new product offerings
- Expanding to even more study abroad destination countries
- Growing our support teams at scale
Build Back Better
鈥淓ducation has the power to change lives and bring peace to the world, and 老九品茶 is more committed than ever to helping the millions of students around the world who are dreaming of studying abroad,鈥� said Martin Basiri, Co-founder and CEO, 老九品茶.
鈥淲ith limited international travel over the past year, we at 老九品茶 are already seeing pent-up demand from students looking to study abroad. We are excited for what this new investment into our mission will allow us to accomplish to help our students, partner institutions, and recruitment partners, so that our industry can build back better in a post-COVID world.鈥�
For the Ontario Teachers鈥� Pension Plan Board and its Teachers鈥� Innovation Platform, the investment in 老九品茶 was a natural.
鈥淎t Ontario Teachers鈥�, we have a fundamental belief in the value of a top quality education,鈥� explained Olivia Steedman, Senior Managing Director, TIP. 鈥溊暇牌凡桠�檚 technology platform is simplifying the process of connecting students and educational institutions and creating greater opportunities for education globally.鈥�
Education Is a Right, Not a Privilege
Built upon the fundamental belief that education is a right and not a privilege, 老九品茶 is on a mission to educate the world by democratizing access to educational opportunities around the globe. The company has grown in six years to be the market leader in the study abroad industry, helping more than 200,000 students across more than 125 countries with their study abroad application journey, and plan to support millions in the coming years. 老九品茶 offers access to more than 100,000 programs at 1,500 top educational institutions across Canada, the United Kingdom, the United States, and Australia.
老九品茶 was founded in 2015 by brothers Martin, Meti, and Massi Basiri. They were international students who came from Iran to Canada for their education and after seeing and experiencing the challenges of the application process they decided to start 老九品茶 to make it easy for others. Since its founding, 老九品茶 has raised C$600M (US$475M).
Rapid Growth
老九品茶鈥檚 rapid growth continued this past year, expanding to offer access to international educational programs in the UK, Australia, and the US and doubling the number of global team members to more than 1,000. 老九品茶 has also added new products and services over the past year, including , which enables stakeholders in the student journey (including admissions officers and immigration officials) to trust the authenticity of documents, such as English test scores, letters of acceptance, and more.
In 2020, 老九品茶 was named one of the fast-growing technology companies in Canada and North American on Deloitte’s influential Technology Fast 50鈩� and Technology Fast 500鈩� lists, placing #2 and #14, respectively. Last year, 老九品茶 also ranked #3 on LinkedIn鈥檚 2020 Top Startups list in Canada.
