Vengo Shark Tank Update

Are you tired of staring at blank walls or scrolling through your phone while waiting in line for your morning coffee?

Enter Vengo, the innovative company that’s revolutionizing the vending machine industry. With their sleek, high-tech vending machines, Vengo is bringing convenience and entertainment to people on the go.

From healthy snacks to beauty products to mobile charging stations, their vending machines offer a wide range of products that are perfect for busy urban environments. So, say goodbye to boring waits and hello to Vengo – it’s the ultimate vending machine experience you never knew you needed.

Vengo is a hi-tech, smart vending machine that has a touch screen to order the products and is also designed in such a way that the owner can easily keep track of the products. The machines manufactured by Vengo are small in size so that no large spaces are required for installation.

Vengo is easy to use and unlike the traditional vending machines, no product or money would be stuck in the machine. Vengo is small in size and hence contains small things like gums, earbuds, etc.

Vengo at a Glance:-

Idea	Touch Screen mini wall-mounted vending machine
Founders	Brian Shimmerlik and Steven Bofill
Asked For	$2 million for 12.5% equity
Accepted Deal	$ 2 million for 3% equity to be repaid over 36 months at 7% equity
Sharks	Kevin O’Leary and Lori Greiner
Business status	In business
Episode No.	Season 7 Episode 22
Website	https://vengolabs.com/

Index:

Who was the founder of Vengo?

Brian Shimmerlik and Sam Bofill are the founders of Vengo vending machines. They came up with the idea of this generation’s vending machine, which is easily accessible.

The business was known as Taxi Treats when they initiated it in 2012 and later, the NYC Economic Development renamed it ‘NYC Next Idea 2012’. The first serviceable machine was introduced in January 2013 in New York.

Did Vengo get a deal on Shark Tank?

Steven and Brian came on the show with a pitch of $ 2 million for 12.5% of their company in return. After they shared their need for investment, they demonstrated their machine which impressed all the Sharks.

Steven then explained to them that they are a media company that generates revenue from service agreements on the software that runs hardware, the product under the machine is also controlled by themselves.

Mark Cuban said that Vengo as a digital endcap had already invested in a similar company so he would not be able to invest in them and went out. Vengo shared that they had already raised an investment of $3.5 million with a large chocolate manufacturer and this was how they justified their ask for such a big valuation.

Daymond said that he found the valuation insane and didn’t agree with their explanation and was out. Robert Herjavec found the business too complicated and moved out. Kevin asked them if they had any debt or not. Steven said that they were free from that to which Mr. Wonderful gave an offer of $2 million at a 7% interest rate along with 6% equity with a time period of 36 months. Lori Greiner wasn’t impressed with the design and also felt that it would take too much space.

The duo asked Lori to join Kevin at the same offer but for 1% equity. Kevin and Lori gave a counteroffer where they would give $ 2million on loan for a 7% interest rate along with 4% equity. Steven and Brian gave a counter to do it for 2.5 % equity, and Kevin and Lori said to do it for 3.5% equity. Steven stayed with his counter of 2.5% equity. Kevin gave the final and non-negotiable offer which was for 3% equity and other figures remained the same. Steven and Brian accepted the deal happily, took their checks, and were out.

What happened to Vengo after Shark Tank?

After the show, the deal made between Sharks and Vengo’s founder was never closed. Essentially, their appearance had a positive impact on their sales. After the show aired, it got fame in the market. Later, they made a deal with Blackstone Launchpad to create digital kiosks in New York, the University of Syracuse, and the University of Florida.

Hyatt Hotel was also opening a market for Vengo which was very kind support towards their growth. Further, they made their machines which will make various products like candy, accessories like earbuds, small electronic accessories, and various other products depending on the market and demand.

In 2017, it was ranked 620th with a revenue of $ 3 million. In the year 2019, they got $7 million for venture funding from different sources which also include Gary Vaynerchuk.

Vengo has a total of 1425 machines as of the year 2021, which are deployed in Gyms, Colleges, residential buildings, public transportation, and across the U.S.A. Vengo holds an annual revenue of $15-25 million.

During the pitch, the finalized deal was closed at the valuation of $66.7 million which was actually never closed after the show. The cost of the machine is $2500 and costs $20 per machine, per month, they also charge $200 per SKU per month to product providers.

In 2019, Vengo has raised $7 million in new equity funding, led by Arcade Beauty, a manufacturer of beauty samples. Vengo specializes in making touchscreen vending machines that can cater to a wide range of uses and clients.

Vengo’s vending machines can now be found in a wide range of locations, from college campuses to airports to gyms and beyond.

One key factor in Vengo’s success has been its focus on providing a unique and engaging experience for customers. Vengo’s vending machines are equipped with touch screens that allow users to interact with the machine and customize their purchases. The company has also partnered with popular brands and content providers to offer a range of products, including healthy snacks, beauty products, and entertainment options.

Today, Vengo is a leader in the vending machine industry, with a growing network of machines and a commitment to innovation and customer satisfaction. With its unique approach to on-the-go convenience, Vengo is changing the way people think about vending machines.

Competitors of Vengo:-

Trader Media East
Youmi

MD media
Arcade

What is the net worth of Vengo?

Vengo has a net worth of approximately $50 million. In 2019, Vengo has raised $7 million in new equity funding, led by Arcade Beauty, a manufacturer of beauty samples. Vengo specializes in making touchscreen vending machines that can cater to a wide range of uses and clients.

This latest funding round has doubled the total amount of money that the company has raised since its inception six years ago. The company has attracted investments from a number of notable investors, including Brad Feld, Gary Vaynerchuk, Tony Hsieh, David Tisch, rap mogul Nas, and Joanna Wilson, among others.

Is Vengo is still in business?

Vengo is still in the market and increase in sales and growth as of the year 2022. Vengo has a total of 1425 machines as of the year 2021, which are deployed in Gyms, Colleges, residential buildings, public transportation, and across the U.S.A. Vengo holds an annual revenue of $15-25 million.

Vengo social links:

Website

Facebook
Twitter

Do Share Your Thoughts:

Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below.

Also, do check our Startup Resources section, and don’t forget to join our weekly newsletter 📰 which contains pure startup and business wisdom and no bullshit!!

FAQs:

What is Vengo?

Vengo is the dream vending machine of many people. Vengo is a hi-tech, smart vending machine that has a touch screen to order the products and is also designed in such a way that the owner can easily keep track of the products.

Who founded Vengo?