Houston-based mobile commerce startup secures $40M to scale its SaaS business
A Houston company that has created a mobile commerce platform for the convenience retail, fuels marketing, and automotive industries has fresh funding to support its growth.
P97 Networks has raised $40 million of venture debt financing from an affiliate of Peak Rock Capital, a leading middle-market private investment firm, according to a news release from the company.
“We will use this new capital to fund P97’s high growth initiatives, which include accelerating user adoption across our Consumer Engagement platform, Energy Transition programs for our clients, and our Mobility Services platform,” said Donald Frieden, president and CEO of P97, in the release.
Frieden says that over the past 18 months, the company has doubled the number of sites on its platform, which includes five largest energy brands in the world, and over 60,000 convenience retail sites in North America.
“With this new capital, we will continue to grow our install base and strategic partnerships," Frieden continues. "We look forward to working with Peak Rock to bring our company to its next stage of growth and further establish our position as the leading provider of mobile commerce technology in the convenience & fuel retailing industry.”
P97's last raise was a series B round in 2019 that saw contribution from Accenture. The startup's series A closed in 2014 and was led by Emerald Technology Ventures.
The company's platform operates as a payments platform as well as a digital marketing solution that prioritizes payment security and customer customization.
“P97 has become the industry standard in the convenience retail and fuel marketing industry, and we are very pleased to help the company reach its next level of scale and growth,” says Nick Basso, managing director at Peak Rock Capital. “We are excited by the compelling opportunities ahead for P97 as the market for mobile payment solutions continues to expand and gain broad adoption by consumers.”
Last year, P97 announced a partnership with Chevron that meant implementing the digital platform into more than 7,800 Chevron and Texaco retail stations across the country.
“Chevron is dedicated to providing products and services for people on the go and continuing to address their needs in the retail of the future,” says Harry Hazen, Chevron senior manager of Americas Marketing, in a 2021 press release. “Our collaboration with P97 strengthens that commitment – delivering a premium consumer experience at Chevron and Texaco locations by enabling our offerings with consistency, speed, consumer value, and security.”