Toronto-based Top Hat Monocle has raised $1.1 million in a new round of financing.
It’s not as big as the $8 million Series A round the Canadian company pulled in last year, but it’s still pretty significant. In comes after the company jumped from 20 to 70 employees over the course of a year and seeing its classroom re sponse solution at work in nearly 300 schools.
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According to TechCrunch, Top Hat Monocle “has been generating solid revenue and doesn’t need the money.” But chief operating office Andrew D’Souza wanted to work with Felicis Ventures, the investment firm that injected the $1.1 million.
“We discovered Top Hat around the time they closed their Series A. They liked our expertise and passion but didn’t need the money and we didn’t want to wait until the next round, especially when they were growing so quickly so we figured out a way to make it work,” explained Felicis founder Aydin Senkut to TechCrunch.