Toronto-based higher education learning platform Top Hat has raised US$55 million in Series D equity and debt financing, in a round co-led by existing investors Georgian Partners and Inovia Capital.

The rest of Top Hat’s existing equity investors also participated, including Union Square Ventures, Emergence Capital and Leaders Fund.

Top Hat makes a number of software tools for teachers in higher education. The company stated that, combined with debt financing from BMO Technology and Innovation Banking Group, this funding will enable it to continue to accelerate the disruption of traditional textbooks and course materials.

Top Hat chief executive Mike Silagadze said: “Higher education is undergoing a sea change brought on by the massive price of a degree, combined with an economy undergoing radical transformation. This has created a demand to raise the impact of educational outcomes. With the support and confidence of our investors, customers, and employees, Top Hat will continue building on the exponential growth we’ve achieved to empower professors to work smarter and more effectively so they can improve the educational return on investment for their students.”

Top Hat says it has signed deals with Fountainhead Press and Bluedoor Publishing to transform their print-only content into digital courseware.

Date published: 5 February 2020

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