The latest investment for the Toronto-based education-tech company was co-led by existing investors Georgian Partners and Inovia Capital. Top Hat CEO Mike Silagadze wouldn’t disclose the company’s new valuation, but said it was “a good increase” over the US$185 million at which it was valued in a raise three years ago. (The Globe and Mail)

Talking point: Silagadze said last month his 11-year-old company was in a position to consider going public by spring 2021, but that doing so wasn’t his first choice: “If you can find an anchor private equity fund that can give you all the liquidity you need and allow you to raise capital with the same frictionless process that you would in an IPO, it’s better in every way,” he said. The company is growing fast—it has 400 employees, expected annual revenue of over US$50 million and serves over 2.7 million students across North America. It has raised over US$104 million, according to Crunchbase, and aims to use the new funding to expand its offerings in digital textbooks and course material.