Digital transcript and credential platform Parchment raised a $10 million follow-on investment led by global merchant bank The Raine Group with participation of all of Parchment’s existing institutional investors.
This latest round brings the total funding raised by Parchment to $45 million.
The new funding will be used to accelerate Parchment’s product development, meeting its customer demand to collect more of their available credentials besides transcripts, diplomas and certifications. According to EdSurge, Parchment is planning to integrate non-traditional credentials like badges in its platform.
The collection of credentials in digital format is largely powered by the high interest in online learning services like Lynda.com, Udemy or the MOOC platforms. In November LinkedIn announced that through a feature called Direct-to-Profile Certifications its users would now be able to easily add certificates from those providers to their profiles.
Parchment states that the interest in their service has grown significantly over the past year. Its user numbers are up 90% from 800.000 to nearly 1.6 million. In the same period over 5 million transcripts and certifications have been shared via Parchment, 1.8 million in the last quarter of 2013 alone. The company currently works together with over 5500 education institutions and organizations in the US.
Besides collecting and sharing their transcripts and credentials, Parchment also lets students access information about college admissions, such as personalized college searches and weighing the chances of being admitted into a particular school.
The significant growth in interest and engagement eventually led to the follow-up investment. It was closed in December 2013. Since 2011 Parchment is led by Matthew Pittinsky, co-founder of Blackboard.
I had the chance to interview Matthew Pittinsky for our Today’s Campus Innovation Series last year in which we talked about the future of credentials, what role they will play in the workplace and if Parchment will become bigger than Blackboard.
- Parchment Raises $10M in Follow-on Equity Finance Round to Bring New Ed Tech Products to Market | Press Release
- Parchment Tacks Adds $10M to Expand Digital Credential Platform | EdSurge
- Parchment Raises $10M To Accelerate Development Of Application Analytics Tools For Students | TechCrunch
- LinkedIn pilots Direct-to-Profile Certifications with Coursera, edX, Lynda, Udemy | EDUKWEST