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Bethesda-Based Novak Biddle Increases Investment in Parchment

Novak Biddle Venture Partners, the Bethesda-based venture capital firm, said it has increased its investment in Arizona-based Parchment, a provider of electronic transcript exchange services led by Blackboard co-founder Matthew Pittinsky. The investment was part of the company's new $10 million follow-on round, led by The Raine Group. Parchment's platform is designed to streamline the request, delivery and sharing of verified credentials such as transcripts, diplomas and certifications. The company, which has an office in DC, now has raised $45 million since its founding in 2003. "This influx of capital will help us accelerate our goal of building new services that enhance the user experience," said Pittinsky. 

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