Toronto-based Top Hat, which manufactures a range of software tools for university lecturers, announced today that it has launched a $ 55 million Series D financing round jointly funded by Georgian Partners and Inovia Capital. All of the company's previous investors, including Union Square Ventures, Emergence Capital and Leaders Fund, also participated in this round, which includes debt financing through the BMO Technology and Innovation Banking Group.
According to Top Hat, There are currently approximately 2.7 million students enrolled in courses that use their tools, and schools that use their services have 750 of the top 1,000 colleges and universities in North America.
"Higher education is undergoing a fundamental change that will be triggered by the massive price of a degree combined with a radically changing economy," said Mike Silagadze, founder and CEO of Top Hat. “This has led to a demand to increase the impact of educational outcomes. With the support and trust of our investors, customers and employees, Top Hat will continue to build on the exponential growth that we have achieved to empower professors to work smarter and more effectively so they can improve the educational return for their students. "
The company, which according to Crunchbase has now raised a total of just under $ 105 million, plans to use the new funds to expand its efforts with digital textbooks and course materials. This process started in 2017 when the company went beyond the quiz and feedback system for use in class and developed into a platform that included textbooks and other tools for teachers and students. Today there is an exclusive partnership with the textbook publishers Fountainhead Press and Bluedoor Publishing.
Since last year, Top Hat has bundled its products on a single platform to provide teachers with comprehensive tools for managing their classes.
"With students rebelling against ridiculous textbook prices, like music consumers did in the early 2000s, Top Hat has become a visionary pioneer by bringing students and educators together to create a collaborative digital teaching and learning experience that improves results and at the same time cuts costs, "said Inovia Capital Partner Shawn Abbott. "My partnership is proud to be part of the massive societal impact of building a lasting, trustworthy platform where our children can be educated more cost-effectively and better."