P97 Secures $40 Million in Venture Debt Financing

On Jan 13, 2022

Photograph: Shutterstock

HOUSTON — P97 Networks, a mobile commerce platform provider, has secured $40 million of venture debt financing from an affiliate of Peak Rock Capital, a middle-market private investment firm. This new credit facility is designed to support several growth initiatives at P97.

“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. “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 United States and Canada. With this new capital, we will continue to grow our install base and strategic partnerships. 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 and fuel retailing industry.”

Beyond commerce, the mobility services platform serves as an engagement engine, where payments are tokenized for security and personalized to each consumer.

“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,” said Nick Basso, managing director at Austin, Texas-based Peak Rock Capital.

P97 Networks, based in Houston, provides a global, cloud-based mobility services platform that enables connected commerce, digital marketing and consumer engagement for convenience retail, utilities, energy companies and more.

Peak Rock Capital is a middle-market private investment firm that makes equity and debt investments in companies in North America and Europe.

Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.