Houston e-commerce unicorn secures $130M in financing

scaling up

Cart.com announced a $25 million series C extension round and $105 million in debt refinancing from investment manager BlackRock. Photo courtesy of Cart.com

Houston-based Cart.com, which operates a multichannel commerce platform, has secured $105 million in debt refinancing from investment manager BlackRock.

The debt refinancing follows a recent $25 million series C extension round, bringing Cart.com’s series C total to $85 million. The scaleup’s valuation now stands at $1.2 billion, making it one of the few $1 billion-plus “unicorns” in the Houston area.

“Scaleup” refers to a startup that has achieved tremendous growth and has maintained a stable workforce, among other positive milestones. Airbnb, Peloton, and Uber are prime examples of businesses that evolved from startup to scaleup.

Cart.com says the new term loan facility from BlackRock consolidates its venture debt into one package “at competitive terms.” Those terms weren’t disclosed.

The company says the refinancing will enable it to expand into new markets and improve its technology, including its Constellation OMS order management system.

“Cart.com is one of the fastest-growing providers of commerce and logistics solutions today, and I’m excited to partner with BlackRock as we continue to aggressively invest to help our customers operate more efficiently,” Omair Tariq, the company’s founder and CEO, says in a news release.

Through a network of 14 fulfillment centers, Cart.com supports over 6,000 customers and 75 million orders per year.

"BlackRock is pleased to support Cart.com as it advances its mission to unify digital and physical commerce infrastructure," says Keon Reed, a director at BlackRock. “This latest facility underscores our confidence in the company’s differentiated product offerings and financial strategy as it enters its next stage of growth.”

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Exectras says the money will go toward beefing up its merchant portfolios, developing infrastructure, and carrying out organic growth. Photo by Hero Images

Houston small biz services co. secures $30M in financing from Austin firm

support smbs

Missouri City-based Exectras, a provider of services for small and midsize businesses, has secured debt financing of up to $30 million from Austin-based investment manager Tacora Capital.

Exectras says the money will go toward beefing up its merchant portfolios, developing infrastructure, and carrying out organic growth.

Founded in 2007, Exectras offers an array of discounted business services to small and midsize businesses, including merchant services, payroll, health insurance, and workers’ compensation insurance. In addition, Exectras originates and acquires credit card residuals and merchant portfolios representing billions of dollars in annual processing volume.

“We are grateful to have a partner in Tacora that understands our business and is committed to our growth. As entrepreneurs themselves, they understand how valuable our services can be. We look forward to an extended partnership,” Joseph Cherry, president and CEO of Exectras, says in a news release.

Denver-based SFT Capital arranged the deal.

Last year, Tacora launched its inaugural debt fund, which contains $350 million. Peter Thiel, a billionaire venture from Silicon Valley, is the fund’s main investor. He poured $250 million into the investment vehicle.

Formation of the Tacora fund comes amid a surge in private debt financing. Asset management giant BlackRock forecasts that the global market for private debt will soar to $3.5 trillion by 2028.

P97 Networks, a Houston-based mobile payments company, has fresh funds to scale its operations. Photo via Getty Images

Houston-based mobile commerce startup secures $40M to scale its SaaS business

money moves

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.”

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Houston startups closed $1.75 billion in 2025 VC funding, says report

by the numbers

Going against national trends, Houston-area startups raised 7 percent less venture capital last year than they did in 2024, according to the new PitchBook-NVCA Venture Monitor report.

The report shows local startups collected $1.75 billion in venture capital in 2025, down from $1.89 billion the previous year.

Houston-based geothermal energy company Fervo Energy received a big chunk of the region’s VC funding last year. Altogether, the startup snagged $562 million in investments, as well as a $60 million extension of an existing loan and $45.6 million in debt financing. The bulk of the 2025 haul was a $462 million Series E round.

In the fourth quarter of last year, Houston-area VC funding totaled $627.68 million. That was a 22 percent drop from $765.03 million during the same period in 2024. Still, the Q4 total was the biggest quarterly total in 2025.

Across the country, startups picked up $339.4 trillion in VC funding last year, a 59 percent increase from $213.2 trillion in 2024, according to the report. Over the last 10 years, only the VC total in 2021 ($358.2 trillion) surpassed the total from 2025.

Nationwide, startups in the artificial intelligence and machine learning sector accounted for the biggest share of VC funding (65.4 percent) in 2025, followed by software-as-a-service (SaaS), big data, manufacturing, life sciences and healthtech, according to the report.

“Despite an overall lack of new fundraising and a liquidity market that did not shape up as hoped in 2025, deal activity has begun a phase of regrowth, with deal count estimates showing increases at each stage, and deal value, though concentrated in a small number of deals, falling just [8 percent] short of the 2021 figure,” the report reads.

Sandbox VR brings new gaming center to Houston's tech-savvy population

Get In The Game

Sandbox VR, a futuristic, full-body virtual reality gaming experience, has announced it will enter the Houston market this month, opening its first local gaming center on January 23.

"Houston's reputation as a hub for innovation and technology makes it a perfect fit for Sandbox VR," said Steve Zhao, CEO and founder of Sandbox VR, in a statement. "The city's diverse, tech-savvy population and strong entertainment culture create an ideal environment for our immersive VR experiences. LOL Entertainment continues to exceed our expectations as a partner, and we're excited to bring our cutting-edge virtual reality gaming to Texas's largest city."

The new gaming center opens Friday, January 23 at 797 Sorella Court in CityCentre.

One of the games that stands out is the Stranger Things: Catalyst game, based on the blockbuster Netflix television series. Groups of one to six players will be dropped into the sinister Hawkins Lab and the mysterious Upside Down to fight Demogorgons and other monsters. The game features Matthew Modine reprising his role as Dr. Martin "Papa" Brenner, who imbues players with psychic powers.

Other games include the supernatural pirate title The Curse of Davy Jones and other Netflix tie-ins based on Zack Snyder's Rebel Moon and Squid Game. Sandbox VR offers fully-immersive group play activities that range from combat to puzzle solving for a variety of age groups.

The opening of Sandbox VR is another part of the expansion of LOL Entertainment, who touts itself as one of the pre-eminent hosts of immersive and gaming experiences in the U.S. Sandbox VR will be their first entry into the Houston market, with another immersive group adventure game, Time Mission, set to open at the the Marq'E Entertainment District later this year.

“Bringing Sandbox VR to CityCentre Houston is a big milestone for LOL Entertainment, for Sandbox VR, and for this market,” said Rob Cooper, CEO of LOL Entertainment. “Houston is a fast-growing, experience-driven city, and we’re excited to give locals and visitors a truly immersive, social gaming destination that you can’t replicate anywhere.”

Presale tickets for the grand opening of Sandbox VR are available here. Standard pricing is $55-$65 per event, but Sandbox VR is running a special for 30 percent off with code OPEN30 for those who purchase before Thursday, January 22. Presale buyers are also entered into a drawing for free Sandbox VR for one year.

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This article originally appeared on CultureMap.com.

Baylor College of Medicine names Minnesota med school dean as new president, CEO ​

new leader

Dr. Jakub Tolar, dean of the University of Minnesota Medical School, is taking over as president, CEO and executive dean of Houston’s Baylor College of Medicine on July 1.

Tolar—who’s also vice president for clinical affairs at the University of Minnesota and a university professor—will succeed Dr. Paul Klotman as head of BCM. Klotman is retiring June 30 after leading Texas’ top-ranked medical school since 2010.

In tandem with medical facilities such as Baylor St. Luke’s Medical Center and Texas Children’s Hospital, Baylor trains nearly half of the doctors who work at Texas Medical Center. In addition, Baylor is home to the Dan L Duncan Comprehensive Cancer Center and the Texas Heart Institute.

The hunt for a new leader at Baylor yielded 179 candidates. The medical school’s search firm interviewed 44 candidates, and the pool was narrowed to 10 contenders who were interviewed by the Board of Trustees’ search committee. The full board then interviewed the four finalists, including Tolar.

Greg Brenneman, chair of Baylor’s board and the search committee, says Tolar is “highly accomplished” in the core elements of the medical school’s mission: research, patient care, education and community service.

“Baylor is phenomenal. Baylor is a superpower in academic medicine,” Tolar, a native of the Czech Republic, says in a YouTube video filmed at the medical school. “And everything comes together here because science saves lives. That is the superpower.”

Tolar’s medical specialties include pediatric blood and bone marrow transplants. His research, which he’ll continue at Baylor, focuses on developing cellular therapies for rare genetic disorders. In the research arena, he’s known for his care of patients with recessive dystrophic epidermolysis bullosa, a severe genetic skin disorder.

In a news release, Tolar praises Baylor’s “achievements and foundation,” as well as the school’s potential to advance medicine and health care in “new and impactful ways.”

The Baylor College of Medicine employs more than 9,300 full-time faculty and staff. For the 2025-26 academic year, nearly 1,800 students are enrolled in the School of Medicine, Graduate School of Biomedical Sciences and School of Health Professions. Its M.D. program operates campuses in Houston and Temple.

In the fiscal year that ended June 30, 2024, Baylor recorded $2.72 billion in operating revenue and $2.76 billion in operating expenses.

The college was founded in 1900 in Dallas and relocated to Houston in 1943. It was affiliated with Baylor University in Waco from 1903 to 1969.

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