eTranscript provider Parchment raises $23.5M
Parchment Inc., the transcript provider who recently acquired Avow Systems, has raised $23.5 million in its Series D round of funding led by The Raine Group. Joining Raine were GSV Capital Corp.; Deborah Quazzo, an education investor; and existing investors Novak Biddle, ICG Group, Inc., and Salmon River Capital.
The financing will support the company’s continued growth. Core investments include a $6 million annual investment in research and development for the Docufide by Parchment™ and Avow by Parchment™ platforms, the learner credential account experience on Parchment.com, and sales and marketing. In total, Parchment has raised $34 million in venture capital since 2010.
“We’re seeing a quiet revolution among education providers, employers and learners as they shift from paper to electronic transcript credentials, with the volume on our e-Transcript exchange network doubling year-over-year,” said Parchment CEO Matthew Pittinsky, Ph.D. “Our focus is to deliver not just the operational efficiency of moving to electronic delivery, but the transformative institutional and consumer services that put transcript credential data to work. We’re thrilled to have experienced education investors like The Raine Group and GSV supporting our work.”
Parchment recently surpassed 6 million e-Transcripts exchanged securely through its Docufide and Avow services. More than 30 percent of the secondary school market and 1,800 postsecondary and corporate organizations are actively using Parchment technology for exchanging e-Transcripts as senders and/or receivers. At Parchment.com, learners can create a transcript credentials account, store and send their transcript credentials, and access data-driven apps that translate their credentials into opportunities.
