Boutique merchant bank The Raine Group led the Series D round, which was also joined by education investor Debrorah Quazzo and existing investors Novak Biddle, ICG Group and Salmon River Capital.
More than 30 percent of the US secondary school market and 1,800 postsecondary and corporate organizations actively use Parchment technology for exchanging electronic transcripts, the company said.
Raine Group co-founder and partner Jeff Sine said, “Few trends in education are as large, mission-critical and transformative as the movement of credentials from paper to electronic and from fragmented systems to a unified network.
“Parchment is uniquely positioned to tap this opportunity.”
Last week it emerged private equity firms had accounted for almost two-thirds of deal value in the US education sector since the turn of the year, according to new research.
Firms were responsible for 59 per cent of 2012 M&A value in the sector, which has seen a leveling off of deal volume following a sharp rise in the early months, according to a new report from mid-market investment bank Berkery Noyes.
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