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 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.