The textbook era is over. VC investment in sector-shifting EdTech innovations, like interactive classroom apps and web-based assessment tools, is mounting. Toronto-based startup Top Hat, under the leadership of CEO Mike Silagadze, is the latest to benefit: the company just netted a $22.5 million investment in a series C funding round, according to Bloomberg.
With its cloud-based interactive software that helps educators create and distribute academic content, Top Hat’s technology is currently used in 75% of the top 1,000 schools in North America. The rivals Top Hat’s taking on next? Traditional “overpriced” textbook publishers like McGraw-Hill and Pearson. Backers including Union Square Ventures, iNovia Capital, and Georgian Partners have put millions of dollars of confidence behind this savvy startup.
Once considered a risky venture, as TechCrunch reports, EdTech has captured the attention of investors and teachers, too. As EdTech Magazine reports, 84 percent of students, faculty, and administrators believe a digital shift will help them conquer classroom challenges.
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Frequently Asked Questions
How much did Top Hat raise in 2017?
Toronto-based Top Hat raised $22.5 million in a series C funding round in 2017, according to Bloomberg, as venture capital investment in EdTech innovations such as interactive classroom apps was mounting.
What does Top Hat's software do?
Top Hat offers cloud-based interactive software that helps educators create and distribute academic content, part of a broader shift the article describes as the end of the textbook era.
How widely was Top Hat used, and who backed it?
Top Hat's technology was used in 75% of the top 1,000 schools in North America, and backers including Union Square Ventures, iNovia Capital and Georgian Partners had invested millions of dollars in the company under CEO Mike Silagadze.
Who were Top Hat's main competitors?
Top Hat was taking on traditional textbook publishers such as McGraw-Hill and Pearson, which the article describes as overpriced, as the next rivals for its cloud-based teaching software.
How were investors and educators viewing EdTech in 2017?
Once considered a risky venture, EdTech had captured the attention of investors and teachers. EdTech Magazine reported that 84 percent of students, faculty and administrators believed a digital shift would help them overcome classroom challenges.