Top Hat, a Toronto, Canada-based active learning platform for higher education, raised $55M USD in Series D equity and debt financing.
The round was co-led by existing investors Georgian Partners and Inovia Capital, with participation from Union Square Ventures, Emergence Capital and Leaders Fund, along with debt financing from BMO Technology and Innovation Banking Group.
The company intends to use the funds to continue to expand its platform features and its business reach and to scale partnerships with traditional publishers.
Led by Mike Silagadze, founder and CEO, Top Hat provides a cloud-based teaching platform that enables professors to engage students inside and outside the classroom with content, tools, and activities. The system combines interactive textbooks, lecture slides, quizzes, and assignments all on one platform, supporting student learning before, during, and after class.
Partnerships with Fountainhead Press and Bluedoor Publishing augment the company’s strategy to move traditional textbooks to the digital world via its platform. The content will be enriched with interactive elements to support active learning.
Today, Top Hat has 400 employees and more than 2.7 million students are enrolled in courses using its system at 750 of the top 1,000 higher education institutions in North America.