Vengo, a six-year-old, Bethpage, New York-based startup that makes touchscreen vending machines for a wide variety of uses and clients, has raised $7 million in new equity funding, shows a new SEC filing. That roughly doubles the amount of money the company has raised over the years, including from such notable investors as Brad Feld, Gary Vaynerchuk, Tony Hsieh, David Tisch, rap mogul Nas, and Joanna Wilson, among others.
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 Vengos. (It charges them an additional fee per month per product per machine.)
Each time a sale is made, both the customer and Vengo is notified via cloud-based inventory monitoring. Payments are cashless. And sensors allow automatic refunds if a product isn’t received.
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