The structured finance group at Bridge Bank closed on credit facilities totaling $7.5 million for San Diego-based Blue Sky eLearn.
Blue Sky eLearn, sponsored by McCarthy Capital, plans to use the funds as working capital to support its growth.
“As the world has increasingly shifted to virtual events and meetings, Blue Sky eLearn was ahead of the game with its 20-year track record of delivering solutions to companies that are helping people take their careers to the next level,” Justin Vogel, senior vice president in Bridge Bank’s capital finance group, said.
Blue Sky eLearn uses a learning management system (LMS) platform to deliver e-learning experiences and virtual events that help its clients advance the career of every professional. The global LMS market is expected to grow from $15.8 billion in 2021 to $37.9 billion by 2026 at a compound annual growth rate (CAGR) of 19.1%.
“We are focused on growth and progressing steadily toward that goal,” Philip Forte, Blue Sky founder and CEO, said. “We appreciate Bridge Bank’s role in supporting our efforts with this essential financing.”
