CIBC Innovation Banking provides $7 mln to VC-backed Parchment

CIBC Innovation Banking has closed a US$7 million growth financing with Parchment, a Scottsdale, Arizona-based digital credential service.

Parchment offers a platform of software tools and services that allow students, academic institutions and employers to request, verify and share transcripts and credential data.

The company is backed by several U.S. investors, including GSV Capital, Novak Biddle Venture Partners, Raine Group and Salmon River Capital.

CIBC Innovation Banking is the technology lending arm of Canadian bank CIBC.

PRESS RELEASE

CIBC Innovation Banking provides Parchment with $7 million growth capital financing

CIBC Innovation Banking has closed a $7 million growth capital financing for Scottsdale, AZ based Parchment Inc., a leader in the education sector that digitizes and distributes education credential records, ranging from K-12, colleges and universities, to trade schools.

“The Parchment network is the gateway to help turn student credentials into opportunities whether in their educational journey or out in the workforce,” said Matthew Pittinsky, CEO, Parchment. “We have facilitated the exchange of over 30 million transcripts globally since 2003, and look forward to building more opportunities.”

Parchment offers a diverse platform of software tools and services that enable students, educational institutions, government agencies, and employers to exchange verified credential information. The platform allows students to share their academic records while helping schools and employers in the network efficiently manage credential data.

“Led by a team with deep experience in education, Parchment is developing innovative solutions that meet the needs of all stakeholders, with a strong focus on trust and efficiency,” said Charlie Kelly, Managing Director, CIBC Innovation Banking in Denver, CO, “and we’re pleased to support the next stage of their growth.”

“We look forward to working with the CIBC Innovation Banking team to help us execute on our business strategy and goals by providing a flexible approach to the capital needs of our business,” said Bob Colletti, President and CFO, Parchment.

About CIBC Innovation Banking

With offices in Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. The team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in Canada and the U.S.

About CIBC

CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.

About Parchment

Since 2003, Parchment has facilitated the exchange of millions of credential between members of its broad network, including 25% of secondary and 20% postsecondary schools in the U.S. The company is based in Scottsdale, AZ with offices throughout the U.S. and Canada.

For more information:
CIBC: Charlie Kelly Charlie.kelly@cibc.com; Parchment: Heather Clevenger hclevenger@parchment.com