Bridge Bank Provides $5 Million Line of Credit to Support Tourmo Growth
COSTA MESA, Calif.–(BUSINESS WIRE)–Bridge Bank today announced its Technology Banking Group has closed on a $5 million monthly recurring revenue (MRR) line of credit for Tourmo, a San Diego-based artificial intelligence (AI) mobility company that helps businesses optimize mobile workforce operations.
Tourmo plans to use the line of credit as working capital to support its growth.
The deal is another example of Bridge Bank’s capabilities in supporting growing technology companies, such as Tourmo, as they deliver the tools that help businesses refine and advance workforce performance.
“For many companies, enabling a mobile workforce with artificial intelligence technology is only one step of moving into the future,” said Justin Vogel, senior vice president in Bridge Bank’s Costa Mesa loan production office. “Bridge Bank is pleased to have a role in supporting Tourmo’s potential growth as the world taps into the tremendous value of mobility workflow automation.”
Tourmo has developed an AI-powered software platform that gathers and unifies data from existing sources like telematics and other point solutions. The Tourmo platform uses AI to generate unbiased insights. It automates and communicates workflows to mobile workers, customers and partners to increase safety, productivity, satisfaction and sustainability.
“Having Bridge Bank in our corner will enable us to continue enhancing our technology and provide high value to the companies that use it,” said Marc Brungger, chief executive officer at Tourmo. “We see Bridge Bank as a key partner in supporting our growth and our customers’ success.”
Bridge Bank’s Technology Banking Group provides financing solutions to companies in a variety of technology sectors at any stage in the growth cycle. From inception through IPO, the Technology Banking Group is a leading financial resource to companies nationwide that are bringing new technologies to market.
About Tourmo
Based in San Diego, California, Tourmo provides a mobility workflow automation platform designed for enterprise organizations with business-critical mobile operations. The AI-powered Tourmo platform provides contextualized business intelligence and real-time workflow decision-making to support the critical network of people, vehicles, customers and partners these organizations rely on. Tourmo’s software as a service (SaaS) solutions generate automated business process workflows that improve the productivity, safety, satisfaction and sustainability of humans and vehicles. Unlike telematics and infinite disjointed point products that provide data that must be manually analyzed and actioned through trial and error, Tourmo enables self-service, automated artificial intelligence and machine learning insights to generate and communicate actionable workflows in real-time. Visit the company’s website at www.tourmo.ai.
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 startup banking, capital, equipment and working capital credit facilities, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans and a full line of international products and services. Based in San Jose, Bridge Bank has 15 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, with more than $60 billion in assets. Western Alliance is #2 best-performing of the 50 largest public U.S. banks in the S&P Global Market Intelligence listing for 2021 and ranks high year after year on the Forbes list of “America’s Best Banks.” For more information, visit Bridge Bank online.
Contacts
Stephanie Whitlow
swhitlow@westernalliancebank.com