Parchment Inc., a Scottsdale, Ariz.-based provider of a platform to exchange transcript education credentials electronically, has raised $23.5m in Series D funding.
The round was led by The Raine Group, with participation from GSV Capital, education investor Debrorah Quazzo, and existing investors Novak Biddle, ICG Group, and Salmon River Capital.
The company intends to use the capital to conduct research and development activities for its Docufide and Avow platforms, the learner credential account experience on Parchment.com, and to expand its sales and marketing efforts.
Founded in 2003 and led by CEO Matthew Pittinsky, Ph.D., Parchment provides high schools, postsecondary institutions and corporate organizations with a cloud-based e-Transcript exchange, which allows people to collect, promote, and share their education credentials. Parchment.com enables learners to create a transcript credentials account, store and send their transcript credentials, and access data-driven apps that translate their credentials into opportunities.
The company also has offices in Roseville, Calif., Denver, and Washington, D.C.
As part of the investment, The Raine Group Co-founder and Partner Jeff Sine will join Parchment’s Board of Directors.