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TopSchool raises $7 Million in growth capital
By siliconindia
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Monday, 16 March 2009, 21:46 IST
Denver: TopSchool, a SaaS provider of administrative solutions optimized for small to mid-size higher education institutions, has announced that it has secured $7 million in its second round of venture capital funding. This round was led by New World Ventures.
Current investor Alsop Louie Partners, which led TopSchool's first round of venture financing, and new investors Access Venture Partners and Education Sales Management also participated in the round. In addition to driving product and market development of its SaaS Student Lifecycle Management system, the capital will be used to fund increased technical support and account management to ensure strong customer service for TopSchool's growing client list of colleges and universities across the country.
Matthew Schnittman, CEO of TopSchool, said, "We are thrilled to have New World Ventures, Access Venture Partners and ESM join the TopSchool family. Adding investors of this caliber to our existing relationship with Alsop Louie Partners will enable TopSchool to continue to grow and reach profitability. The market for a SaaS or Cloud Computing solution in higher education that addresses data management needs across the student lifecycle is exploding, and this funding will position TopSchool to become the clear leader in this space."
Over the next five years, spending on IT Cloud Computing or SaaS solutions is expected to grow almost threefold, reaching $42 billion by 2012, according to industry research firm IDC. This trend is clearly occurring in higher education as well, as more and more institutions recognize that their total cost of ownership of IT systems can be greatly reduced through SaaS applications.
"Having had an outstanding outcome with this management team at eCollege, and looking at the opportunity in this market, we are thrilled to invest in TopSchool and join the board of directors," said Chris Girgenti, Managing Partner of New World Ventures.
