HOUSTON -- P97 Networks, developer of PetroZone, a cloud-based mobile commerce and behavioral marketing platform for the convenience store and fuel retailing industry, has closed an $8 million Series A funding round.
P97 will use the investment to accelerate product development, sales and marketing.
Emerald Technology Ventures, a globally recognized investor in the areas of energy, advanced materials, water technologies and industrial IT, led the round.
Charles Vaslet, partner at Emerald Technology Ventures has joined P97's board of directors. American Trading & Production Corp. (ATAPCO) also participated in the Series A round alongside other new and existing investors. "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," he said.
"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."
PetroZone, created by P97 Networks, is a cloud-based mobile commerce platform that 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.
Houston-based 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.
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