Bethpage, New York-based Vengo Labs LLC, that manufactures touchscreen vending machines has raised USD 7 million in new equity funding. This, we are told, likely doubles the amount of money the business has raised since the company first came to light, some three years ago when it competed on the ABC television show ‘Shark Tank’ (at that toe CEO and co-founder Brian Shimmerlik turned down a ‘deal’ for USD 2 million). Vengo also raised USD 2 million back in 2014.
Vengo makes wall-mounted mini-vending machines the size of large picture frames that it then sells to vending machine distributors, asking for a small fee per month in exchange for access to its software. Its customers then either advertise on the video screen that appears, or sell their products in the vending machine. (It charges them an additional fee per month per product per machine.)
Vengo’s machines sell six items at a time, generally electronics (battery packs and cables at hotels – ff memory serves us right, we have seen these machines in various Hotels.), personal care products (Kiehl’s was among its earlier customers) and snacks, which it sells at colleges and at health clubs.