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Parchment – a leading education technology company streamlining the verified credential process – announced Wednesday that it has closed a $10 million follow-on investment led by the globally-recognized merchant bank, The Raine Group. This addition of capital brings the business' grand total to $45 million raised.
Led by Blackboard co-founder Matthew Pittinsky, it isn't surprising to see such a promising business concept grow with a prominent figure in higher education spearheading operations. Pittinsky has the experience, skills and demeanor required to transform an up-and-coming startup into a success story, and that became abundantly clear when we talked about Parchment's investment announcement Monday.
Pittinsky shared more information about the funds that will go towards accelerating the company's development and roll out of new product offerings, tools and resources for its ever growing network. He talked about empowering the tech-savvy generation to leverage their credentials to explore new opportunities with the investment made by The Raine Group and Parchment's already existing institutional investors.
This capital backing comes after Parchment had a successful fourth quarter, facilitating the exchange of more than 1.8 million credentials in Q4 2013 and more than five million credentials over the following twelve months. That's a 59 percent increase from last year.
An AmericanUniversity alum, Pittinsky and I immediately found common ground when conversing over the phone, but it wasn't his admiration for his alma mater that sparked my attention. Rather, it was Pittinsky's passionate description of his baby, Parchment, and honest assessment of his company's progress since inception.