The Bethpage, New York-based startup Vengo has gotten off to a great start this new year with a $7 million equity funding round.
According to TechCrunch, which cited an SEC filing, the investment boost represents a doubling in past funding for the startup that makes touchscreen vending machines. Vengo has been in business for six years as the digital retailer makes waves with new techniques for automated vending featured on college campuses and health clubs.
The startup first came into the limelight when CEO Brian Shimmerlik won $2 million in funding from the ABC reality show Shark Tank. It is now known for selling electronic devices like chargers and personal care products.
Though much of its business has been concentrated within New York, Vengo is starting to branch out more into other states. Over the years, it has made important partnerships like one with Vistar Media that put interactive advertising on its machines. It has also teamed up with recognizable brands like Hershey and Wrigley in selling and advertising candies.
When the startup first began as an idea of having vending machines in taxis, called “Taxi Treats,” it won New York City’s “NYC Next Idea” contest in 2012. However, that idea took form in the more realistic locations that it occupies today. We’ll be excited to see where else Vengo machines sprout up as the business expands and continues heaping big investments.