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Think + Announcement: Our First Unicorn + Fox Acquires Tubi.tv
We are proud to announce that less than 2.5 years since we started our fund I, we have hatched our first unicorn, ApplyBoard, Canada’s fastest-growing company that just raised $71 M at $1.4 B USD ($2B CAD). We first invested in ApplyBoard in 2017 at $12 m valuation as one of the very first seed investors.
ApplyBoard is a technology-based marketplace that connects international students with colleges in the U.S., Canada, and Europe. The company didn’t just disrupt the old model of mom-and-pop agents; it leveraged them using their advanced technologies, using the existing on-the-ground agents as their de facto sales force. This is a core thesis of Think + and we have applied this to two other investments (future unicorns?) The company grew 12,525% from 2015 to 2018, making it the fastest growing company in Canada in 2019. ApplyBoard was one of our very first investment, selected by our thesis on the new disruption model. We met the founder and CEO, Martin Basiri in 2017 and helped him get introduced to other investors here in Silicon Valley. It was clear to us from the beginning in that Martin and his brothers were going to build a massive company. Our research showed that the market was largely ignored and in fact had even higher potential than initially envisioned by the company. In the short few years since their founding, Martin and his team have already assisted over 100,000 students across 110 countries to study internationally.
Fox Media Acquired Tubi TV
Fox Media Corporation acquired our portfolio company, Tubi.tv in March for $500 M. We invested in Tubi TV first back in 2014 at $12M valuation, and followed on later as the company delivered on its promise of providing a wide range of content, advertising-based and free of charge to large middle-class demographics. We invested based on our thesis that middle class Americans cannot afford to pay multiple subscription services and it proved to be wildly accurate: Tubi amassed 25 million monthly active users in less than 5 years, offering them more content than Netflix. Kudus to Farhad and his team at Tubi for delivering a first-class user experience that attracted millions of dollars in ad revenues.
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