– USA, TX – P97 Networks, developers of PetroZone, a cloud based mobile commerce and behavioral marketing platform for the convenience and fuel retailing industry, announced today the closing of an $8 million Series A funding. The round was led by Emerald Technology Ventures, a globally recognized investor in the areas of energy, advanced materials, water technologies and industrial IT. Charles Vaslet, Partner at Emerald Technology Ventures has joined P97’s Board of Directors. American Trading and Production Corporation (ATAPCO) also participated in the Series A round alongside other new and existing investors. The investment will be used to accelerate product development, sales and marketing for P97.
“We look forward to an exciting 2015 as our oil company and retail fuel merchant customers are ready to deploy PetroZone across their enterprises,” said Don Frieden, founder of P97. “We have assembled a team who understand both the business and technology issues that must be addressed to create new mobile payments offerings for broad adoption. We are fortunate to partner with Emerald Technology Ventures and their global network will be an important pillar in supporting our growth.”
“Retail fuel merchants can now choose a mobile solution with confidence by selecting P97’s PetroZone, a world class mobile commerce platform,” said Emerald Technology Venture Partner Charles Vaslet. “P97 has a knowledgeable and passionate management team with a proven track record for deploying enterprise class mobile software solutions across the globe. Their strategic partnership with Microsoft along with their industry partner eco-system positions them well for lasting success. I look forward to working with the board and management team to contribute to the growth of the company.”
P97 Networks was advised by Pharus Advisors, a boutique investment bank with offices in New York and San Francisco.
PetroZone®, created by P97 Networks, is a cloud based mobile commerce platform which connects consumers with retail fueling merchants and convenience stores across a broad partner ecosystem, including oil company payment networks, merchants, consumer package good companies, automotive companies and banks. Consumers using their PetroZone enabled mobile phones and “connected cars” have better mobile shopping experiences, options for lower fuel prices and opt-in personalized digital offers for in-store purchases. PetroZone ecosystem partners can gain consumer loyalty through omni-channel marketing opportunities and “connected-consumer” experiences when enabling mobile payments and settlement, behavioral marketing and digital offers, and hosted-managed point-of-sale solutions when connected to PetroZone’s open integration framework.
About P97 Networks
P97 Networks provides secure cloud based mobile commerce and behavioral marketing solutions for the convenience retail and fuels marketing industry under the brand name PetroZone™. P97’s mCommerce solutions enhance the ability of convenience store operators, marketers, and oil companies to attract and retain customers by providing technology that securely connects millions of individual mobile phones and connected cars with identity and geo-location based software technology to create truly unique connected-consumer experiences. P97’s software personalizes the “find-buy-save” experience for every mobile consumer.
About Emerald Technology Ventures
Emerald is a globally recognized investment firm in the areas of energy, water, advanced materials and industrial IT. Founded in 2000, the company has invested in more than 50 early-stage companies out of three venture capital funds, provides open innovation services to many multinational industrial corporations and has won mandates for three technology investment programs for third parties. From offices in Zurich, Switzerland and Toronto, Canada, Emerald has managed assets of over USD 660 million to date.
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