Vengo Labs Raises $2M
New York City-based startup Vengo Labs, a manufacturer of mini vending machines, has raised $2 million in Series A financing to expand its reach.
Vengo has an installed base of 60 compact, interactive digital kiosks which sell a variety of items including candies, chewing gum, pain relievers, pens, toothpaste and more. The kiosks also act as a digital signage advertising network driven by the Vengo platform, running campaigns for a number of brands such as Mondelez and Uber.
Vengo’s kiosks can be found in New York University, Fueled Collective, IPG Media Lab, ProHealth, and Raven. Company management claims that its kiosks are seeing 280,000 active customer engagements per month.
Investors in the financing round include Coinstar founder Jens Molbak, Brad Feld, Nas and Anthony Saleh’s QueensBridge Venture Partners, Joanne Wilson, Kensington Capital, Tony Hsieh‘s Vegas Tech Fund, Scout Capital and Vector Media.
Crowdfunding platform SeedInvest was also a major participant, contributing $720,000 to the Series A financing round.
Vengo investor Wilson said in a statement. “Vengo is changing the way that brands interact and engage with consumers by providing a smarter alternative for research and sampling. It is already influencing consumer consumption patterns in New York City.”
Vengo recently partnered with large New York area-based vending machine operator CC Vending, in order to add a high-tech complement to CC Vending’s thousands of locations and also to benefit from CC Vending’s logistics and fulfillment.
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