Bridge Bank Extends $12,000,000 Credit Facility to Ellevation

February 25, 2021

Source: GlobeNewswire

Bridge Bank today announced it has extended a $12,000,000 credit facility to Ellevation, a cloud-based software platform serving nearly 1,000 school districts and supporting more than 1.5 million students across the country.

Ellevation focuses specifically on supporting the fastest-growing population of K-12 students, English language learners by helping school districts manage their English language programs through a compliance, data and instructional planning platform, providing resources to build teacher capacity and student-facing programs to teach academic language.

"We provided the creative structure that Jordan and the team at Ellevation deemed essential," said Eric Sockol, senior vice president in Bridge Bank's Technology Banking Group. "We worked together, quickly to build a solution that will allow Ellevation to further extend their solution into the market and build more relationships with school districts and students nationwide."

"Working with the Technology Banking Group at Bridge Bank has been a pleasant, positive experience," said Jordan Meranus, co-founder and chief executive officer at Ellevation. "Their focus on providing us with the creative structure we needed, coupled with their expertise in lending to technology companies like ours, really stood out to us."

The Technology Banking Group at Bridge Bank provides flexible financial solutions to emerging, and mid-to late-stage companies across the U.S. in the technology and innovation sector and works with non-venture and venture- backed companies from inception through IPO and beyond.

About Bridge Bank

Bridge Bank, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 2001 in Silicon Valley, Bridge Bank offers a better way to bank for small- to mid-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank delivers a broad scope of financial solutions including capital, equipment and working capital credit facilities, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has 17 offices in major markets across the country along with Western Alliance Bank's powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country's top-performing banking companies, Western Alliance was #1 best-performing of the 50 largest public U.S. banks in the most recent S&P Global Market Intelligence listing and ranks high on the Forbes "Best Banks in America" list year after year. For more information, visit bridgebank.com.

About Ellevation

Ellevation is a software company focused exclusively on English Language Learners and the educators who serve them. Ellevation provides tools to nearly 1,000 school districts that streamline program management, improve teacher practice, increase student achievement and foster a district-wide culture of accountability for the success of English Language Learners. Ellevation is the leader in helping all stakeholders in K-12 school districts more easily meet EL program requirements and provide the best academic support to their EL students.