Bridge Bank Provides $65 Million Loan Package to Support Rapid Growth of ConnectRN Healthcare Workforce Platform | Techy Kings

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BOSTON–(BUSINESS WIRE)–Bridge Bank announced today that its Boston office has closed a $65 million loan package for connectRN, a platform that connects 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 increased by 250%. The company plans to expand to 40 states by the end of this year.

“The Covid-19 pandemic is putting enormous pressure on the nation’s healthcare industry, and connectRN provides a much-needed solution for nursing staff,” said Darren Gastrock, director in Bridge Bank’s Technology Banking Group. “Bridge Bank sees tremendous potential in companies like connectRN that improve the lives and prospects of an important part of society.”

connectRN provides reliable clinic staff who deliver high-quality care at a consistent rate, giving nurses the freedom to work on their terms.

“Our outstanding organic revenue growth shows that nurses and aides are looking for better career paths, and the demand is out there,” said Ted Jeanloz, CEO of connectRN. “Our mission is to improve the lives of doctors through access to community, opportunities and support. This funding will help ConnectRN continue 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 healthcare professionals to choose 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 healthcare industry needs all the support it can get,” said Michael Quinn, vice president in Bridge Bank’s Capital Finance Group. “We are delighted that Bridge Bank can be part of the company’s expansion into new markets.”

About connectRN

connectRN is a leading nursing community, created to connect nurses with each other, provide career support and provide flexible work opportunities. By leveraging technology, the platform enables access to job opportunities and essential resources nurses need to build a thriving career. connectRN is headquartered in Waltham, Massachusetts and serves physicians across the US 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 the customer at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of customized business banking solutions throughout the Bay Area and has specific expertise, focused on life sciences and technology and innovation companies, at every stage of their life cycle, through its offices in key areas . technology hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. As part of the $65 billion Western Alliance Bancorporation — ranked the #1 high-performing large bank with assets greater than $50 billion in 2021 by American Banker and Banker Directors — Bridge Bank has the reach, resources and deep industry knowledge that makes a difference for clients. For more information, visit Bridge Bank.

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