Top Hat Monocle Closes $8M In Series A Funding Led By Emergence Capital Partners and iNovia Capital
Funding to Accelerate Gamification of the Classroom
Toronto, Canada – July 18 2012 – Top Hat Monocle, a market leading mobile-based education platform that enables student engagement, today announced it has completed Series A financing. The $8 million round is led by Emergence Capital Partners and iNovia Capital, along with SoftTech VC, Version One Ventures (Boris Wertz) and Golden Venture Partners.
“We’re going to see more changes in the way students learn over next few years than we’ve seen in the entire last century,” said Mike Silagadze, CEO of Top Hat Monocle. “By giving students and instructors the chance to interact and innovate in their day-to-day classroom environment, Top Hat Monocle is helping turn education into a more fulfilling learning experience for all involved.”
The investment will allow Top Hat Monocle to further develop their product offering to improve student engagement both in and outside of class, as well as expand their sales and marketing efforts. Top Hat Monocle is also working with professors, textbook publishers and other content providers to build interactive content, which will be delivered through its platform.
“We are actively looking at the leading industry platforms,” said Gordon Ritter, Founder and General Partner at Emergence Capital Partners. “Top Hat Monocle has created a highly-disruptive platform that is transforming teaching in the classroom. This is our first investment in education technology and we are excited to help the team scale their unique distribution model into every classroom across the globe.”
“We have identified higher education as being at a unique point of inflection, sharing many of the properties that we’ve seen drive growth in other portfolio clusters we’re building”, said Shawn Abbott, Partner with iNovia Capital. “Students want to leverage the technological power already at their fingertips to empower themselves and their peers in revolutionizing the classroom experience. Top Hat Monocle is building the platform that will enable this new paradigm and finally close the gap between the living room and the classroom.”
Emergence Capital Partners is an early investor in leading enterprise companies that include Salesforce.com, Yammer, Box, and SuccessFactors. Emergence partner Gordon Ritter, who has been named twice to Forbes’ Midas List of the top tech investors, and Shawn Abbott, partner at iNovia Capital and the co-inventor of the USB Key, will join the board as part of the financing round.
Top Hat Monocle previously raised a $1.5 million seed round in November 2011. Since launching their initial offering in 2010, Top Hat Monocle has been used by students at nearly 200 universities worldwide.
About Top Hat Monocle
Top Hat Monocle, headquartered in Toronto with an office in San Francisco, is the leading mobile classroom participation provider, making the classroom experience competitive, rewarding and active for students in nearly 200 universities worldwide.
About iNovia Capital
iNovia partners with exceptional entrepreneurs to build successful companies in high growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has $275M under management across three seed and early stage funds. For more information, visit http://www.inovia.vc or follow iNovia on Twitter at http://www.twitter.com/iNovia