CIBC Innovation Banking has closed a $7 million growth capital financing for Parchment a company 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.”

“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.

With offices in Denver, Menlo Park, CA, Montreal, Reston, VA, 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.