What is Parchment?
Founded in 2003, Parchment operates as a pivotal software company within the education technology landscape, specializing in the creation, management, and distribution of digital academic credentials and certifications. Its platform facilitates the secure electronic exchange of records such as transcripts and diplomas, connecting students, educational institutions, and employers. With a global presence spanning North America, Asia Pacific, and India, Parchment is instrumental in guiding institutions through the transition from traditional paper-based systems to modern digital formats. The company effectively merges HR software capabilities with educational technology to offer advanced credential verification and management services worldwide.
How much funding has Parchment raised?
Parchment has raised a total of $77M across 7 funding rounds:
Series B
$4.5M
Series C
$6M
Private Equity
$10M
Series D
$35M
Private Equity
$12M
Private Equity
$2.5M
Unspecified
$7M
Series B (2011): $4.5M with participation from Novak Biddle Venture Partners and Matthew Pittinsky
Series C (2011): $6M led by Salmon River Capital, Novak Biddle Venture Partners, Matthew Pittinsky, and Michael Chasen
Private Equity (2014): $10M supported by The Raine Group, Internet Capital Group, Salmon River Capital, and Novak Biddle Venture Partners
Series D (2014): $35M featuring The Raine Group, Novak Biddle Venture Partners, GSV Capital, and Salmon River Capital
Private Equity (2015): $12M, investors not publicly disclosed
Private Equity (2017): $2.5M, investors not publicly disclosed
Unspecified (2019): $7M led by CIBC
Key Investors in Parchment
The Raine Group
The Raine Group is a global merchant bank exclusively focused on technology, media, and telecommunications, providing strategic advisory and investment banking services.
Novak Biddle Venture Partners
Novak Biddle Venture Partners is an early-stage venture capital firm that provides equity financing and management assistance to information technology companies, with a focus on fostering sustainable business growth.
Salmon River Capital
Salmon River Capital is a private equity and venture capital firm that invests in technology-enabled enterprises, particularly in education, healthcare IT, financial services, and online media.
What's next for Parchment?
The recent strategic investment in Parchment signals a robust trajectory for the company, likely indicating a phase of scaling operations and enhancing its platform's capabilities. This capital injection is poised to support Parchment's mission to streamline credential management and verification processes for educational institutions globally. Future developments may include expanding its service offerings, forging new partnerships within the education and HR sectors, and further solidifying its market leadership in digital credentialing. The company's sustained access to significant financing suggests strong investor confidence in its business model and future growth potential.
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