Tuesday, February 14, 2012

Parchment Raises $6M

Scottsdale-based Parchment, a startup which operates a service to help transfer transcripts and educational data between institutions, said Monday that it has raised $6M in a Series C funding round. The round was led by Salmon River Capital, and also included Michael Chasen, the President and CEO of Blackboard, along with Novak Biddle Partners and other existing investors. The funding said the funding goes towards growth, accelerating product development, and recruiting employees. Parchment is headed by former Blackboard co-founder Matthew Pittinsky; the firm relocated to Scottsdale last year and installed Pittinsky as its CEO. Parchment's offerings include Docufide, a platform which helps transfer high school transcripts to colleges and universities, as wlel as Parchment.com, which stores and lets students analyze their transcript to gauge their changes for college admission and to help match them with colleges. More information »