Hum Client Spotlight: P97
Our Client Spotlight series features business leaders, entrepreneurs, and company executives from high-growth companies who have successfully fundraised via Hum’s Intelligent Capital Market. Each Q&A will discuss why they started the company, challenges they faced in scaling, and why they chose to partner with Hum.
Don Frieden is the President, CEO, and Chairman of P97, a mobile commerce and digital marketing platform for the convenience retail and fuel industries. P97’s innovative technology enables businesses to support payments from a variety of platforms, increase consumer engagement, and gain real-time data and insights about their users.
Frieden has been at the helm of P97 for 10 years and prior to held leadership and executive positions at various mobile and technology companies. Under his leadership, in January, the company announced $40M of venture debt financing from an affiliate of Peak Rock Capital to support several key growth initiatives.
In this Client Spotlight Q&A, Frieden talks about P97’s growth and transformation into a respected player in the industry and what they looked for in partnering with an investor.
Q: Thanks for taking the time! First off can you provide a brief overview of P97 and the company’s core platform?
A: P97 provides a global, cloud-based mobility services platform that enables digital commerce for retailers and consumers. The top brands in the Convenience and Fuel Retailing industry trust our platform to power digital experiences, including mobile payments, digital marketing, and other value-added services that create loyalty with the modern consumer.
Q: You’ve been leading P97 for 10 years now. What are you most proud of in terms of the company’s growth and accomplishments?
A: P97 started out as just an idea, but now has grown into a platform that millions of people use. Half of all gas stations in the United States trust us to deliver a great mobile commerce experience for their customers. I am so proud of the P97 team, who have worked tirelessly to make all of our successes possible.
Q: P97 is transforming payments and mobile commerce for the convenience and fuel industries. What were some key challenges P97 overcame in becoming a leader in this space?
A: Competing against large, well-respected players has been one of our biggest challenges. Our philosophy has always been to focus on innovating and delivering a great experience for our customers. I believe that philosophy has driven our ability to compete and succeed.
Q: Congrats on your recent fundraise! Can you talk a little about the choice to raise venture debt?
A: Venture debt allowed us to raise capital to grow our business without significant dilution. It was exactly what we needed to prepare our business to execute our growth strategy in 2022.
Q: It was P97’s 2nd time raising capital using Hum’s ICM. How does this “new” type of fundraising process compare to the standard capital raising process?
A: Hum helped us with speed of execution by matching us with the right investors at the beginning of the process. The biggest difference between using Hum and the traditional process is efficiency.
Q: What aspect do you believe is most important when evaluating an investor?
A: We look for investors that are great partners and share our passion for creating significant value for all of our stakeholders.
Q: Can you tell us about the investor P97 matched with, and what stood out about their investment proposal that drew you to raise capital from them?
A: Peak Rock provided us with a quick, flexible financing solution that is tailored to our needs. They also have experience investing in our industry, which makes them a valuable resource for us to leverage.
This testimonial may not represent the experience of all clients and is not indicative of future performance or success.