Bridge Bank Provides $65 Million Loan Package to Support Rapid Growth of connectRN’s Health Care Workforce Platform
BOSTON--(BUSINESS WIRE)--Nov 1, 2022--
Bridge Bank today announced that its Boston office has closed on a $65 million loan package for connectRN, a platform connecting nurses and aides with flexible work opportunities.
The loan provides Waltham, Massachusetts-based connectRN with working capital and growth capital to support the company’s rapid growth. In the past year, connectRN’s revenue has grown by 250%. The company plans to expand to 40 states by the end of the year.
“The Covid-19 pandemic put considerable strain on the nation’s health care industry, and connectRN is providing a much-needed solution to nurse staffing,” said Darren Gastrock, director in Bridge Bank’s Technology Banking Group. “Bridge Bank sees tremendous potential in companies like connectRN that are improving the lives and prospects of such an important part of society.”
connectRN provides reliable clinician staffing that delivers high quality care at consistent rates, giving nurses the freedom to work on their terms.
“Our outstanding organic revenue growth demonstrates that nurses and aides are seeking better career paths, and the demand is out there,” said Ted Jeanloz, CEO of connectRN. “Our mission is to improve clinicians’ lives through access to community, opportunity and support. This financing will help connectRN further that mission and, in turn, make life and health better for millions of people.”
Nurses and aides have long felt overworked and underappreciated. As of early 2022, 52% of nurses said they would consider leaving the profession altogether. Through its technology-enabled platform, connectRN empowers health care professionals to select opportunities that are right for them, including meeting their skill level, interests and work environment.
“connectRN gives nurses and aides the opportunity to find work in a nurturing environment at a time when our health care industry needs all the support it can get,” said Michael Quinn, vice president in Bridge Bank’s Capital Finance Group. “We are honored that Bridge Bank can be part of the company’s expansion to new markets.”
About connectRN
connectRN is the leading nurse community, created to connect nurses with each other, provide career support and deliver flexible work opportunities. By leveraging technology the platform allows access to work opportunities and vital resources nurses need to build a thriving career. connectRN is headquartered in Waltham, Massachusetts and serves clinicians across the U.S. To learn more about connectRN, please visit www.connectrn.com
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored business banking solutions throughout the Bay Area and has specialized expertise, focused on life sciences and technology and innovation companies, at every stage in their life cycle, through its offices in major tech hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. As part of $65 billion Western Alliance Bancorporation — ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director — Bridge Bank has the reach, resources and deep industry knowledge that make a difference for customers. For more information, visit Bridge Bank.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221101005086/en/
CONTACT: Media Contact:
Alisa Bal,alisa.bal@westernalliancebank.com
KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES NURSING HEALTH TECHNOLOGY SOFTWARE FINANCE BANKING
SOURCE: Bridge Bank
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