Parchment digitizes offline academic credentials and transcripts and offers analytics to students and institutions. The platform enables sharing of academic and other credentials online and provides tools that can inform a student’s likelihood of admission. The company plans to expand beyond academia to support more types of certifications and training across businesses and enterprises. New product development aims to harness user data for more advanced guidance to improve admissions outcomes. Parchment has been in operation since 2003 and is led by Matthew Pittinsky, who joined in 2011. The platform reported a 90% increase in registered consumer users in 2014, growing from 800,000 to just under 1.6 million. The company has raised $45 million in investment to date. Parchment provides schools, postsecondary institutions and corporate organizations with a cloud-based e-Transcript exchange that lets people collect, promote and share education credentials. The company operates Parchment.com, where learners can create credential accounts, store and send transcripts, and access data-driven apps. It offers Docufide and Avow platforms as part of its product suite. Parchment plans to use new funding to conduct R&D on Docufide and Avow, improve the learner credential account experience, and expand sales and marketing. Founded in 2003 and led by CEO Matthew Pittinsky, Ph.D., the company serves education and corporate customers. Parchment is based in Scottsdale, Ariz., and also has offices in Roseville, Calif., Denver and Washington, D.C. Parchment operates Docufide, a platform that helps transfer high school transcripts to colleges and universities. The company rebranded from Docufide to Parchment and relocated its corporate headquarters to Scottsdale, Arizona while maintaining offices in Los Angeles. The move to Scottsdale was tied to the hiring of former Blackboard founder Michael Pittinsky as CEO. The article reports a recent $6M funding round; no revenue or user metrics were disclosed. Earlier financing had come from Los Angeles angel investors, including the Pasadena Angels and Tech Coast Angels, though their participation in the new round is unclear. Founded in 2003, Docufide is a Software-as-a-Service platform that enables electronic delivery, management, and analysis of a range of education records and transcripts. Its services have been used by more than 7,000 high schools, colleges and universities to exchange millions of transcripts and other student records, and the company has been selected by 11 states to provide infrastructure for electronic exchange initiatives. Revenues have tripled over the last two years, and the company says it sees significant growth potential as it expands operations. Docufide recently moved its headquarters from Los Angeles to Scottsdale, Arizona, and appointed ASU assistant professor Matthew L. Pittinsky as CEO. The company plans to create roughly 20 Arizona jobs in the coming months and will maintain office space at SkySong, the ASU Scottsdale Innovation Center.

Total raised

$44M

Funding rounds

4

Latest round

Equity

Latest activity

Mar 2014