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Houston-based mobile commerce startup gets $40 million to grow its SaaS business

A Houston company that created a mobile commerce platform for the convenience retail, fuel marketing and automotive industries has new funding to support its growth.

P97 Networks raised $40 million in venture debt funding from a subsidiary of Peak Rock Capital, a leading middle-market private investment firm, according to a Press release of the society.

“We will use this new capital to fund P97’s high-growth initiatives, including accelerating user adoption on our consumer engagement platform, energy transition programs for our customers, and our service platform. mobility,” Donald Frieden, president and CEO of P97, said in The Release.

Frieden says that over the past 18 months, the company has doubled the number of sites on its platform, which includes the world’s five largest energy brands and more than 60,000 convenience retail sites in America. North.

“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 take our business to its next stage of growth and further cement our position as the leading provider of mobile commerce technology to the convenience and fuel retail industry.”

P97’s last raise was a Series B in 2019 which 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 payment platform as well as a digital marketing solution that prioritizes payment security and customer personalization.

“P97 has become the industry standard in the convenience retail and fuel marketing industry, and we are very excited to help the company achieve its next level of scale and growth. “said Nick Basso, managing director of Peak Rock Capital. “We are excited about the exciting opportunities ahead for P97 as the market for mobile payment solutions continues to grow and gain widespread consumer adoption.”

Last year, P97 announced a partnership with Chevron that meant implementing the digital platform in more than 7,800 Chevron and Texaco outlets across the country.

“Chevron is dedicated to bringing products and services to people on the go and continuing to meet their needs in the retail of the future,” said Harry Hazen, senior director of Chevron Americas Marketing, in a 2021 Press release. “Our collaboration with P97 reinforces this commitment – delivering a premium customer experience across Chevron and Texaco locations by enabling our offerings to be consistent, timely, with customer value and security.”

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