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AZ Tech Beat | June 27, 2017

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Parchment Inc. Receives $23.5 Million for its Series D Fund from Top VC Firms

Parchment Inc. Receives $23.5 Million for its Series D Fund from Top VC Firms
Reid Simpson

Founded in 2003, Parchment has become the leader in the electronic transcript exchange business. Headquartered in Scottsdale, Arizona, they make it painfully easy to manage school transcript(s) online, and send / receive them to / from any educational institution. Having current integration with over 9,000 high schools nationwide (translating to over 30% of the market), Parchment helps those students create a free personal page in preparation for college applications. Speaking of post secondary education, students have successfully sent over 6 million transcripts using the Docufide by Parchment™ and Avow by Parchment™ SaaS platforms. Impressive, huh? Well, these guys thought so too:

The Raine Group
GSV Capital
Novak Biddle Venture Partners
ICG Group
Salmon River Capital

That list above accounts for the total $23.5 Million in funding to Parchment, with the largest contribution coming from The Raine Group. Matthew Pittinsky, Ph.D., CEO of Parchment, certainly has a way with venture capitalists; he has received a total of $34 Million in VC money since 2010. Looking to support the rapidly growing education business and industry, Pittinsky states,

“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.”

With quality leadership from the top (Pittinsky also the Co-Founder of Blackboard), the presence of Parchment in the Scottsdale area, and this most recent successful raise of new capital, it even has Forbes asking the question, “Is Phoenix the Next Silicon Valley?”