HOUSTON–(BUSINESS WIRE)–P97 Networks, the leading provider of mobile commerce platforms for the convenience retail, fuel and automotive industries, today announced that it has secured venture debt financing from $40 million from a subsidiary of Peak Rock Capital, a leading privately-held middle-market investment firm. This new credit facility was designed to support several key growth initiatives at P97.
“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,” said Donald Frieden, President and CEO of P97. . “Over the past 18 months, we have more than doubled the number of retail locations on our mobility services platform, which now includes four of the world’s top five energy brands, and more than 60,000 locations convenience retailer 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 take our business to its next stage of growth and further solidify our position as the leading provider of mobile commerce technology in the convenience and fuel retail industry.
P97’s mobility services platform was developed to support the connected economy and meet the challenges of an evolving mobility landscape by seamlessly powering a vast collection of interoperable ecosystems with payments as a core competency . Beyond commerce, the platform serves as an engagement engine, where payments are tokenized for security and then tailored to experiences that meet consumer needs in unique and personalized ways.
“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.”
About P97 Networks
P97 Networks provides a cloud-based global mobility services platform that enables connected commerce, digital marketing and consumer engagement for convenience retailers, utilities, energy companies and automotive OEMs to align their strategies, so they can attract, engage and retain customers by securely connecting millions of consumers and connected cars using P97 identity, location-based services, secure payments and a loyalty aggregation platform to create unique new experiences for mobile consumers. For more information, visit www.p97.com.
About Peak Rock Capital
Peak Rock Capital is a leading middle-market private investment firm that makes equity and debt investments in companies in North America and Europe. Peak Rock’s equity investment platform focuses on opportunities where it can help senior management drive rapid growth and improved performance, with expertise in corporate carve-outs and partnering with families and founders seeking institutional capital for the first time. Peak Rock’s credit platform invests across all capital structures, with a broad mandate to provide flexible, customized capital solutions to middle-market and growth-oriented companies. Peak Rock’s real estate platform makes equity and debt investments in small to mid-sized real estate assets in attractive and growing geographies. For more information on Peak Rock Capital, please visit www.peakrockcapital.com.