Top Hat Raises $22.5M to Tackle Pearson, Publishing Business

HATS OFF: To the naysayers still holding on to print textbooks, the folks at Top Hat, a higher education cloud-based teaching program, have a message: “Old-school textbook publishers should prepare for their final edition.” Today, the company announced it has raised $22.5 million in Series C funding to fuel its mission of overhauling America’s $10 billion textbook industry, reports Bloomberg. Existing backers Emergence Capital, Georgian Partners, iNovia Capital, Golden Venture Partners, Version One Ventures and SoftTech VC all participated in the round, as well as new funder Union Square Ventures.

Based in Toronto, Canada, Top Hat aims to change the textbook status-quo with three products: a classroom response system where instructors can take attendance, share slides and ask questions; interactive and adaptable online text; and a digital marketplace where educators can find and purchase new class material. The company claims it has millions of users coming from more than 75 percent of North America’s 1,000 top performing schools. 

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