The NYC-area startup Vengo has done a $7 million raise of funds for its unique network of micro-vending machines, topped with interactive digital signage screens.
TechCrunch reports that the six-year-old company has raised $7 million in new equity funding, roughly doubling the capital it has raised over the years. The company got attention by successfully getting a slot, and then backing, on the TV show Shark Tank.
The company’s schtick is small, wall-mounted vending machines in offices and hotel hallways that sell a highly limited number of items, like phone charger wall blocks and cables. Vengo also sells media time on the screens that are the biggest part of the units.
The installed base, so far, appears to all be around the metro NYC area. The company’s office is on Long Island. Presumably, the new funds will help expand the footprint, though the SEC filing does not spell out the intentions for the money.
Dave Haynes is the founder and editor of Sixteen:Nine, an online publication that has followed the digital signage industry for more than 13 years. Dave does strategic advisory consulting work for many end-users and vendors, and also writes for many of them. He’s based near Halifax, Nova Scotia.