Western Alliance Bank's Innovation Banking Group Extends Credit Facility to Ellevation

BOSTON - Western Alliance Bank's Innovation Banking Group 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 the Bank’s Innovation 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 Innovation Banking Group 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 Innovation Banking Group provides flexible financial solutions to emerging, and mid-to late-stage companies across the U.S. in the innovation sector and works with non-venture and venture-backed companies from inception through IPO and beyond.