Applying to College? Parchment Works in the Background

Parchment is an education data company that champions its highly useful SaaS—or Software as a Service—platform to high schools that allows them to collect and digitalize education credentials and student records. Are you applying for colleges right now? Well 30 percent of high schools across the country use Parchment to manage their information about you, so you can thank this startup for getting your credentials in front of the decision makers at the schools that most interest you.

Parchment recently landed $23.5 million in new venture funding, brings its total funding to $35.5 million. The funding was led by global merchant bank The Raine Group with contributions from previous investors.

The emphasis these days is a full transition from paper to electronic transcripts. There is an increased attention on this kind of transition, and Parchment’s good fortune is largely attributed to this trend. The company has become one of the largest “eTranscript” providers and has exchanged over 6 million transcripts. More than 30 percent of U.S. high schools, 1,800 universities and corporations use the platform.

TechCrunch’s reporting on the funding featured a wise insight about the online education movement and the subsequent job market one experiences after participating in it:

While many schools still use paper to send and exchange transcripts, the role of credentials in education is changing, as massive online course platforms provide learners with alternatives to spending their life paying for student loans. As the methods for measuring assessing progress and achievement improve, skill-based learning platforms could become an equally viable way to get educated in a particular trade and get hired.

Great work getting this impressive amount of funding, Parchment. This is a company that appears to have plenty of potential for growth. Check out more about Parchment here.