HOUSTON, March 30, 2023 /PRNewswire/ -- P97 Networks, the leading mobile commerce and digital marketing platform provider to the convenience retail, auto industry and fuel market, today announced that it has raised $40M in equity financing led by Portage, a global investment platform focused on the fintech and financial services sectors, with participation from existing investors. The capital, which will come from the recently launched Portage Capital Solutions strategy, will fuel strategic growth initiatives at P97 that will further establish the company as the leader in payment and loyalty solutions for mobility-focused retailers.
The P97 mobile commerce platform is a cloud-based technology solution that enables retail brands in the convenience mobility and fuel industries to securely connect with their customers through mobile devices. The company's proprietary APIs are used by a majority of the retail fuel market in North America, with potential to expand further into the fleet, connected car, and EV charging markets. With expansion into these adjacent verticals, the company is positioning itself as a key player in the emerging digital ecosystem of the transportation industry. Beyond commerce, the platform serves as an engagement engine, where payments are tokenized for security and then tailored to experiences that meet consumers' needs in unique and personalized ways.
"In this highly connected world, retail brands are looking for new ways to increase consumer engagement - the power of network effects in the digital world will be a key contributor to revenue growth and margins," said Donald Frieden, CEO, P97 Networks. "With consumers of all ages further adopting mobile payment solutions, we are proud to have built the leading connected commerce and digital marketing platform for the convenience retail, energy marketing, and transportation industry."
"P97 has quickly established itself as a dominant mobile commerce solution for the North American retail convenience and fuel market. The company will continue to benefit from accelerating consumer adoption of mobile payments, while also leveraging its best-in-class technology to capitalize on compelling opportunities in adjacent verticals," said Dan Ballen, Partner & Co-Head of Portage Capital Solutions. "We are thrilled to partner with P97 on our first Portage Capital Solutions investment and look forward to helping Don and the team drive their long-term vision," added Adam Felesky, CEO of Portage.
About P97 Networks, LLC
P97 Networks provides a global, cloud-based mobility services platform that enables mobile commerce, digital marketing, and consumer engagement for convenience retail, utilities, energy companies, and auto OEMs. Over 65,000 convenience retail and fuels marketing sites across the globe rely on P97's connected commerce platform, including more than 240,000 EV chargers, to provide mobile payment acceptance for 137 million daily commuters. For more information, visit www.p97.com.
About Portage Capital Solutions
Portage Capital Solutions delivers flexible equity capital solutions and strategic resources to help public and private later-stage fintech and financial services businesses reach their full potential.
Portage is a global investment platform focused on fintech and financial services within Sagard, a multi-strategy alternative asset management firm. Portage partners with ambitious companies across all stages, providing flexible capital and delivering a global network of investors, commercial partners, advisors and value creation experts. With deep industry knowledge and entrepreneurial experience, Portage is committed to supporting the leaders who are reshaping financial services. Its dedicated value creation team provides portfolio companies with hands-on support in go-to-market, technology & cybersecurity, business acceleration & M&A, and partnerships to accelerate their path to success. For more information, visit www.portageinvest.com.
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Source: Company press release.