Houston-based mobile commerce platform P97 Networks has secured $40 million in venture debt financing to grow.
P97 Networks obtained the venture debt financing from an affiliate of Austin-based Peak Rock Capital, a middle market private equity firm specializing in equity and debt investments.
Don Frieden, founder, president and CEO of P97 Networks, said the new credit facility will fund growth initiatives, "which include accelerating user adoption across our consumer engagement platform, energy transition programs for our clients and our mobility services platform."
"Over the past 18 months we have more than doubled the number of retail sites on our mobility services platform, which now includes four of the five largest energy brands in the world, and over 60,000 convenience retail sites in the U.S. and Canada," said Frieden. "With this new capital, we will continue to grow our install base and strategic partnerships."
P97's cloud-based platform specializes in digital payments methods, digital marketing and consumer engagement for convenience stores, utilities, energy companies and auto manufacturers.
In September 2021, P97 was selected by California-based Chevron Corp. (NYSE: CVX) to enhance the company's mobile apps for Chevron and Texaco customers. P97 has previously nabbed partnerships with Houston-based Phillips 66 (NYSE: PSX), New York City-based JPMorgan Chase & Co. (NYSE: JPM) and Purchase, New York-based MasterCard Inc. (NYSE: MA) for digital payment services.
"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," said Nick Basso, managing director of Peak Rock Capital.
P97 closed a $20 million Series B capital raise in 2019, which included an equity investment from Accenture Ventures, the investment arm of global professional services firm Accenture (NYSE: ACN).
P97 Networks is headquartered in west Houston at 2050 W. Sam Houston Parkway S. near CityWestPlace. The firm was founded in 2012.
Based on the firm's two-year revenue growth of 189.35%, P97 ranked No. 17 on the Houston Business Journal's 2021 Fast 100 List. P97 has been featured on the list of of fastest-growing private companies in the Houston area since 2019.
