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

money moves

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

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.”

Ad Placement 300x100

Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Texas foundation makes massive $180M donation to Galveston hospital

historic gift

The University of Texas Medical Branch in Galveston (UTMB) has accepted a staggering $130 million grant from the Sealy & Smith Foundation, which, combined with the $50 million that the foundation donated in 2025 to establish the Department of Cardiovascular Medicine, is the largest bequest in UTMB history.

The grant will go to grow cardiovascular imaging, diagnosis, and treatment at UTMB by establishing an inpatient cardiovascular hub on the sixth floor of Jennie Sealy Hospital. In honor of the donation, the department is being renamed the Sealy Heart and Vascular Institute.

“The Sealy & Smith Foundation has a long history of investing in initiatives that transform health care for the people of Galveston and beyond,” said John Kelso, president of The Sealy & Smith Foundation Board of Directors. “We believe the Sealy Heart & Vascular Institute has the potential to redefine cardiovascular care in our region by bringing together exceptional physicians, advanced technology, innovative research and a commitment to improving patient outcomes. This additional investment reflects our confidence in UTMB’s vision and our belief that the Institute will have a lasting impact for generations to come.”

The Sealy & Smith Foundation was established in 1922 by John Sealy II and his sister Jennie Sealy Smith. Bolstered by the Sealy fortune built on shipping, oil, banking, and railroads, the Foundation has donated more than $1.2 billion to UTMB over the last century, linking the family legacy to healthcare, teaching, and research. It was John Sealy Sr. who contributed the initial $50,000 to build a hospital on the island, which opened right alongside the new medical school created by the state legislator in what was then Texas's largest and most economically powerful city.

Since then, the Foundation has helped grow UTMB into a world-class hospital. The cardiovascular care especially is well-regarded, making the 2025 Newsweek/Statista List of America's Best Hospitals.

“This extraordinary investment reflects The Sealy & Smith Foundation’s unwavering commitment to improving health and advancing medical excellence,” said Dr. Jochen Reiser, UTMB president and CEO of the UTMB Health System. “The partnership between UTMB and The Sealy & Smith Foundation is very strong. Built on generations of shared vision and trust, it continues to redefine what an academic health system can achieve. Together, we are building one of the nation’s premier cardiovascular programs integrating exceptional patient care, groundbreaking research, innovation and world-class education to improve the lives of patients throughout Texas and beyond.”

---

This article originally appeared on CultureMap.com.

UTHealth Houston team joins NASA initiative to protect border drinking water

water watch

Climate change means far more to public health than living with hotter days. Transformations in our weather are contributing to challenges in accessing safe drinking water in some communities.

One of the most dire situations is along the US–Mexico border. The National Aeronautics and Space Administration (NASA) is seeking to address that issue with its Water Quality Applications program. An 11-researcher project led by a UTHealth Houston School of Public Health faculty member has been selected to participate.

“Drinking water is one of the most fundamental public health protections, but producing safe drinking water involves a delicate balance,” Yun Hang, assistant professor of environmental and occupational health sciences, said in a news release. Her team’s proposal was one of 93 that were submitted for funding through NASA’s Research Opportunities in Space and Earth Sciences (ROSES)-2025 program.

This is the first time that NASA has worked with a team devoted to water quality applications. The group, which includes researchers from across the nation, will use satellite observations of Earth, as well as hydrologic modeling, to potentially anticipate and act on water quality conditions as they change. Challenges addressed over the course of the three-year program, which kicked off in June, might include problems with water quality due to climate variability and increased pressure on water resources.

Hang’s team will focus on a pair of borderlands: Paso del Norte and the Rio Grande Valley.

“Working closely with El Paso Water ensures that our research addresses real operational needs while helping utilities better prepare for climate-related water quality changes and continue providing safe drinking water to communities across the Texas border region,” Hang added in the release.

She and the team will use data gathered by NASA on both past and future Earth-observing missions, which will allow them to track environmental changes that may affect source water quality. Combined with past water treatment records and hydrologic models, the team will also utilize artificial intelligence to develop predictive tools that aim to stop issues before they become larger hurdles to water safety.

Another one of the project’s goals is to create visualization tools and source water summaries that can be utilized by those without scientific expertise. The tools will be produced in English and Spanish to further broaden their accessibility.

The hope is that the materials made by the team will also go far beyond the border, with protocols that can be adapted or adopted by other areas dealing with water quality issues.

U.S. News declares Houston hospital No. 1 in Texas for the 15th year

Top of the Chart

Houston Methodist Hospital and over a dozen more Houston-area hospitals have earned bragging rights in U.S. News & World Report's newly released rankings of the Best Hospitals for 2026-2027.

Every year, U.S. News annually evaluates nearly 4,500 U.S. hospitals to determine which meet the publication's rigorous standards and offer the best care for patients across 14 adult specialties and 23 procedures and conditions. New to this year's batch of rankings, U.S. News introduced regional rankings in cancer; cardiology; heart and vascular surgery; orthopedics; and rehabilitation.

Houston Methodist Hospital was the only Texas institution named on U.S. News' Best Hospitals Honor Roll, a prestigious list of the 20 best medical centers in the country. Houston Methodist also reigns as Texas' best hospital for the 15th consecutive year.

The hospital also shines among the nation’s best in 10 specialties:

No. 5 – Gastroenterology and GI Surgery
No. 7 – Obstetrics and Gynecology
No. 10 – Cardiology, Heart, and Vascular Surgery
No. 11 – Pulmonology and Lung Surgery
No. 13 – Neurology and Neurosurgery
No. 19 – Cancer
No. 21 – Orthopedics
No. 23 – Diabetes and Endocrinology
No. 24 – Geriatrics
No. 43 – Urology

Houston Methodist also earned high performing distinctions across one regional specialty (Rehabilitation) and 21 procedures and conditions.

"This recognition reflects the remarkable dedication of our physicians and employees and their tireless focus on delivering unparalleled care to our patients," said Houston Methodist president and CEO Marc L. Boom, M.D. in a press release. "While we are honored by this recognition, its true significance lies in what it represents — an unwavering commitment to putting patients first."

Elsewhere in Houston, The University of Texas MD Anderson Cancer Center ranked as the No. 1 best cancer hospital in the nation for the 12th year in a row.

"This ranking is a tremendous honor, and it reflects our unwavering commitment to continue making progress in our mission to end cancer," said UT MD Anderson president Peter WT Pisters, M.D. "We are deeply grateful to everyone who made this recognition possible: our faculty and staff, volunteers, donors, and the patients and families we are honored to serve."

MD Anderson also earned national rankings in two specialties — Urology (No. 6) and Gastroenterology and GI Surgery (No. 16) — and it received high performing distinctions in six procedures and conditions: Colon Cancer Surgery; Ear, Nose, and Throat Surgery; Gynecological Cancer Surgery; Leukemia, Lymphoma, and Myeloma Treatment; Lung Cancer Surgery; and Prostate Cancer Surgery.

The additional Houston hospitals that ranked among the best in Texas for 2026-2027 are:

No. 3 – Houston Methodist Sugar Land Hospital (tied with Baylor University Medical Center Dallas)
No. 5 – Baylor St. Luke's Medical Center, Houston
No. 6 – Memorial Hermann Hospital, Houston
No. 7 – Houston Methodist The Woodlands Hospital
No. 10 – Memorial Hermann Greater Heights Hospital (tied with St. David's Medical Center, Austin)
No. 14 – Houston Methodist Baytown Hospital
No. 15 – Memorial Hermann Memorial City Medical Center, Houston
No. 21 – Houston Methodist Clear Lake Hospital, Nassau Bay; St. Luke's Health-The Woodlands Hospital; University of Texas Medical Branch, Galveston (also tied with six more Texas hospitals)
No. 30 – Memorial Hermann Sugar Land Hospital (tied with five other Texas hospitals)
No. 36 – HCA Houston Healthcare Kingwood (tied with Parkland Health-Dallas)

---