Tenacity Ventures and Trifecta Capital, along with existing investors Matrix Partners, Beenext, and Better Capital, also participated in the funding round, the company said in a statement.
The global market for school software is projected to reach $30 billion by 2030 and presents a massive opportunity for companies like Toddle, it added.
Founded in 2019 by Deepanshu Arora, Gautam Arora, Misbah Jafary, Nikhil Poonawala, and Parita Parekh, Bengaluru-based Toddle helps teaching teams improve collaboration for day-to-day work and allows educators around the world to share teaching and learning resources.
Before starting Toddle, the founders established a network of international preschools and worked with K-12 schools.
“As teachers, we were using five different tools to manage our work and it was a really painful experience. We wanted to build something that will make our lives simple,” chief executive Deepanshu Arora, an IIT Kanpur alumnus, said.
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Toddle is used by over 40,000 educators at over 1,500 schools in more than 100 countries. It initially started with a focus on International Baccalaureate (IB) schools, because of which more than 20% of IB schools globally use Toddle. Toddle clocks 40% of its total revenues from North and South America, 30% from Europe and Middle East, another 30% off Asia Pacific of which only 6-7% comes from India, Arora told ET.
He said Toddle charges about $25 per student per year, and aims to scale this figure to $100 over the next five to six years.
The company recently expanded its product offering to other international curricula such as Cambridge, British, and American, and will soon be launching a product for preschools.
Some of Toddle’s clients in India include Bombay International School and Dhirubhai Ambani International School in Mumbai and Stonehill International School and Canadian International School in Bengaluru.
“Having a ringside view since their early days, we continue to love their relentless focus on building world-class products and consistent execution – resulting in strong ARR growth and close to zero churn in their business,” Rajat Agarwal, managing director of Matrix India. , said.
The investment comes at a time of funding crunch and mass layoffs in Indian edtech firms.
ET wrote two weeks ago that edtech firms were expected to move away from the K-12 business model in 2023 across domestic markets, as they focus on a bigger offline play and tapping international markets with higher disposable incomes and digitizing the existing school system.