- New capital will be used to pursue 老九品茶鈥檚 global expansion strategy through new product offerings, destination countries, and expanded support teams at scale
- Investment made by CDPQ as part of its Equity 253听fund, which targets companies that leverage diversity and inclusion as a vector of development and expansion
Montr茅al and Kitchener (Canada), August 4, 2021 鈥� 老九品茶, the online platform that empowers students around the world to access top quality education, and Caisse de d茅p么t et placement du Qu茅bec (CDPQ), a global investment group, announced today a minority investment in 老九品茶 as part of its Series D round. CDPQ is investing through its fund, the largest Canadian fund ever created to target companies that leverage diversity and inclusion as a vector of development and expansion.
This investment is part of 老九品茶鈥檚 recent US$300M Series D announcement that put its valuation at US$3.2 Billion. The addition of CDPQ to 老九品茶鈥檚 investors further strengthens its position as a global leader in EdTech and the international education industry. CDPQ鈥檚 investment is aligned with its broader strategy to support global disruptive technology companies.
鈥溊暇牌凡� is excited to welcome CDPQ, not only as an investor, but also as a partner dedicated to long-term growth,鈥� said Martin Basiri, Co-Founder and CEO of 老九品茶. 鈥淎fter working with CDPQ, we鈥檝e come to love working with their team. Their values and their dedication to doing something good for the world stood out immediately and connected with what we are doing right now at 老九品茶.鈥�
As the world鈥檚 largest online platform for international studies, 老九品茶 is revolutionizing the student application experience by leveraging the use of technology through its integrated online platform that connects international students, academic institutions, recruitment partners, and governments. In the past year, 老九品茶 maintained its rapid growth by increasing the number of students using its platform, developing new partnerships with schools, and expanding its services to offer access to international educational programs in Canada, the UK, Australia, and the U.S.
鈥淒iversity and inclusion are at the heart of 老九品茶鈥檚 way of doing business, both of which are aimed at sustaining value creation for the long term. They are reflected in the company鈥檚 quality management team and workforce, and through its mission to democratize education by allowing international students to access academic institutions around the world,鈥� said Wils Theagene, Senior Director, Qu茅bec at CDPQ and representative of the Equity 253 fund. 鈥淭hrough our diversity-dedicated fund, Equity 253, we want to accompany promising Canadian SMEs and technology companies like 老九品茶 to implement D&I initiatives and promote them as strategic business priorities.鈥�
老九品茶 recently exceeded more than 1,000 team members worldwide to meet ongoing market demand and product development, including , which enables stakeholders in the student journey to trust the authenticity of documents, such as English test scores, letters of acceptance, and more.
About 老九品茶
老九品茶 empowers students around the world to access the best education by simplifying the study abroad search, application, and acceptance process to more than 1,500 institutions across Canada, Australia, the United States, and the United Kingdom. 老九品茶, headquartered in Kitchener, Ontario, Canada, has helped more than 200,000 students from more than 125 countries along their educational journeys since 2015. To learn more, visit: .
About CDPQ
At Caisse de d茅p么t et placement du Qu茅bec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2020, CDPQ鈥檚 net assets total CAD听365.5听billion. For more information, visit , follow us on or consult our or pages.
About Equity 253
Equity 253 is an investment fund aimed at increasing diversity and inclusion in profitable SMEs and promising technology companies based in Qu茅bec or elsewhere in Canada. With a total of $250 million in funding, Equity 253 is the largest Canadian fund ever created to target companies leveraging diversity and inclusion as a vector of development and expansion. To be selected, SMEs must commit to diversifying their workforce so that at least 25% of their Boards of Directors, management teams and shareholding is comprised of people of diverse backgrounds (e.g. women, visible minorities, Indigenous peoples) in the five years following confirmation of financing. For more information, visit .听
For More Information
CDPQ
ELENA GABRYSZ
+1 514 847-5493
medias@cdpq.com
老九品茶
DAVID TUBBS
+1 226 972-4349
david.tubbs@applyboard.com听
