Money moves

Houston-based oil and gas software company raises $1.6 million

Houston-based M1neral has raised $1.6 million in an oversubscribed pre-seed round. Getty Images

A Houston energy tech startup that's digitally optimizing the minerals rights buying and selling process has closed an oversubscribed pre-seed financing round to the tune of $1.6 million.

M1neral's round was co-led by Amnis Ventures and Pheasant Energy, among a few other select investors and strategic partners. The company was co-founded by Jacob Avery, Kyle Chapman, and Shawn Cutter.

"Amnis Ventures is delighted to co-lead the current round of funding in M1neral. The founders come with deep knowledge of oil and gas, coupled with proven, delivered technology implementations in the energy space," says Manuel Silva III, president of Amnis Ventures Inc., in a press release. "The M1neral platform will bring age-old upstream oil and gas processes into the technology revolution of the 21st century that we have come to expect in other sectors."

M1neral's founders believe the mineral rights transaction process — akin to the real estate market in terms of the logistics — is ripe for a tech transformation, as it's been "stuck in the dark ages," according to the release.

"The mineral and royalty market is extensive in value but highly fractionated – over $500 billion in value spread across more than 12 million owners around the country," says Chapman, who serves as CEO, in the news release. "Add to that a lack of quality information and processes that are mostly manual, and it's easy to see what makes these transactions a painful and lengthy process."

M1neral's cloud-based platform acts as a one-stop shop for buyers. They can easily research opportunities and engage with sellers and service providers. The platform optimizes artificial intelligence and workflow automation to close deals quicker than traditional methods, Chapman says in the release.

"M1neral has identified, analyzed, and addressed significant issues on the technology side of the mineral and royalty market. Pheasant Energy has always taken a technology-driven approach and a partnership with M1neral was an obvious next step," says Ryan C. Moore, CEO of Pheasant Energy, in the news release. "The executive team at M1neral is well-versed in the industry and the challenges that both professionals and individual owners face on a daily basis. As the platform develops, everyone will understand the difference in vision with the M1neral team and the efficiencies that will be achieved with their product."

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The African Beauty Butter Collection Gift Set made Oprah's Favorite Things in 2020. Photo courtesy of 54 Thrones

Every holiday season, Oprah Winfrey and her elves work hard to put together her namesake list of Favorite Things. The 2020 list of must-have gifts highlights Black-owned or led businesses, including a Houston-based beauty line, 54 Thrones.

For the past six years, Oprah's Favorite Things are available for purchase in the Oprah's Favorite Things storefront exclusively on Amazon, including the 54 Thrones African Beauty Body Butter Collection Gift Set.

The limited-edition Holiday Deluxe Tin contains five individually packaged African Beauty Butters. The Beauty Body Butters are infused with African-grown, pure, and organic plant botanicals which help protect, soothe, and nourish the skin. These Beauty Butters nourish and revitalize the skin; repair dry, tired, or cracked skin; and hydrate the body, hands, elbows, and feet.

Founder Christina Funke Tegbe was inspired by her Nigerian aunt and the tubs of shea butter she sent from Nigeria. In 2015, Tegbe left the corporate world of high-powered consulting and founded 54 Thrones, named after Africa's 54 countries.

This year, more than 50 of the 72 featured products on the Oprah list come from Black-owned businesses, according to Amazon.

"As so many continue to look for ways to support Black lives any way they can, we found dozens of absolutely gorgeous gifts from Black-owned businesses that we wanted to share and celebrate as part of this year's Favorite Things," said Winfrey, via Amazon.

Founder of 54 Thrones, Christina Funke Tegbe. Photo courtesy of 54 Thrones

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This article originally ran on CultureMap.

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