The cellular morphology of thermoplastic polymeric foams is a key factor for their performances. Three possible foam morphologies exist, namely, with closed cells, interconnected cellular structure, and open cells. In the gas foaming technology, a physical blowing agent, e.g., CO2 or N2, is used to form bubbles at high pressure in softened/melted polymers. As a consequence of a pressure quench, the bubbles grow in the liquid matrix until they impinge and possibly break the thin liquid films among them. If film breakage happens, the broken film may retract due to the elastic energy accumulated by the polymeric liquid during the bubble growth. This, in turn, determines the final morphology of the foam. In this work, we experimentally study the growth of CO2 bubbles in a poly(e-caprolactone) (PCL) matrix under different pressure conditions. In addition, we perform three-dimensional direct numerical simulations to support the experimental findings and rationalize the effects of the process parameters on the elastic energy accumulated in the liquid at the end of the bubble growth, and thus on the expected morphology of the foam. To do that, we also extend the analytic model available in the literature for the growth of a single bubble in a liquid to the case of a liquid with a multi-mode viscoelastic constitutive equation.