Vengo Shark Tank Update

If you’re like most people, you’ve probably never heard of Vengo. But if you’re a fan of the TV show Shark Tank, you might have seen them there.

Vengo is a company that makes small, self-contained vending machines. They’re like the kind you might see in a hotel lobby, but they’re much smaller and can be placed anywhere.

The idea behind Vengo is that they can be used to vend just about anything, from snacks and drinks to coupons and other small items. And because they’re so small, they can be placed in high-traffic areas where traditional vending machines might not be able to go.

So far, Vengo has been a big hit with both consumers and businesses. And it’s not hard to see why. Vengo is worth checking out if you’re looking for a convenient snack or drink delivery. Vengo could be a great way to generate additional revenue for your business if you’re a business owner.

What is Vengo?

Vengo is a small, portable vending machine that you can place anywhere. It’s perfect for high-traffic areas like office buildings, college campuses, and busy streets. 

Vengo is often referred to as the ideal vending machine by many people. Vengo is a high-tech, intelligent vending machine with a touch screen that allows owners to order products automatically and track their usage. The compact size of Vengo’s devices means no extensive space is required for installation.

Vengo Shark Tank Update

The Vengo vending machine is easy to use, and unlike traditional vending machines, no money or products will become trapped inside. Since Vengo is small, it can accommodate small items like gum, headphones, etc.

Vengo machines are stocked with various popular items, including snacks, drinks, and electronics. And because they’re so convenient, they’re perfect for those times when you need a quick snack or drink but don’t want to go to a store.

Vengo machines are also very affordable. You can often find them for less than $100. And because they’re so small, they’re very easy to set up and take down, which makes them perfect for events and temporary locations.

The Vengo vending machine is the perfect solution for anyone looking for a convenient, affordable, and easy-to-use vending machine.

Company NameVengo Labs
EntrepreneurBrian Shimmerlik and Steven Bofill
Product / BusinessA mini vending machine with a touch screen mounted on the wall
Investment Asking For$2 million for a 12.5% stake in Vengo
Final Deal$2 million for a 3% stake in Vengo and the amount to be repaid over 36 months at 7% interest
SharkLori Greiner and Kevin O’Leary
Episode Season 7, Episode 22
Business StatusIn Business
WebsiteVisit Website

Who is the Founder of Vengo?

The founders of Vengo vending machines are Brian Shimmerlik and Steven Bofill. They conceived the concept of a vending machine that is readily accessible to this generation. 

Vengo specializes in high-tech vending machines with video checkout systems that allow customers to buy goods. The machines sell products and display advertisements and multimedia materials, benefiting advertisers and consumers.

No cash is involved in the purchase, and sensors ensure that a refund is made automatically if the product is not received.

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The company started as Taxi Treats in 2012, but NYC Economic Development rebranded it as NYC Next Idea 2012. It was unveiled in New York in January 2013 that the first functional machine would be available.

Vengo Before Shark Tank

A vending machine has been around for decades; Vengo has created a more technologically advanced version. As co-founders of Vengo Labs, Brian Shimmerlik and Steve Bofill transformed the outmoded, inefficient, and unattractive traditional vending machine into a sleeker, more profitable digital billboard.

Vengo Labs designed the small vending machines to combine a point-of-sale and a high-tech ad platform aimed at customers while they waited for their purchases.

Vengo Headquarters can provide vital information about consumer purchasing habits through the cashless Vengo machines, which allow users to pay with their mobile devices.

Vengo receives a share of the proceeds from sales of things within the machine and advertising revenue. Vengo Labs received Series A funding in 2014 to develop the Vengo vending machines, which were used in over sixty locations across New York City by 2015. 

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As a result, Brian and Steve appeared on Shark Tank in March 2016 to scale their business even further. They needed more than just a large injection of capital to reach their goals; they also needed valuable contacts that a shark partner would provide.

Vengo Shark Tank Recap

Brian Shimmerlik and Steven Bofill appeared on Shark Tank requesting an investment of $2 million for a 12.5% equity in Vengo. The machine first catches the Sharks’ attention, but they want to know more about the business plan.

The company is a media company that profits from service agreements regarding the software that powers the hardware.

They profit by managing the software after selling the hardware to businesses at cost. The monthly fee of $20 includes maintenance on the equipment monthly. They also control the items that enter the machinery.

The company expects to earn $1 million in the next year. Each SKU has a monthly charge of $200. They make most of their money from service contracts and advertising.

According to Mark Cuban, Vengo was no longer eligible for investment as a digital endcap since Vengo had previously invested in a comparable startup.

Vengo disclosed that they had previously secured a $3.5 million investment from a large chocolate company, and this was how they defended their high-value request.

Daymond stated that he thought the valuation ludicrous, disagreed with their rationale and was no longer interested. Robert Herjavec thought the firm to be too complex, so he left. Kevin inquired as to whether or not they had any debt.

Mr. Wonderful offered $2 million with a 7% interest rate and 6% equity for 36 months after Steven declared they were no longer obligated to pay the debt. Lori Greiner was not delighted with the concept and believed it would take up too much room.

The duo requested Lori to join Kevin in exchange for a 1% share at the same offer. Kevin and Lori counteroffered by offering a $2 million loan with a 7 percent interest rate and 4 percent equity.

Steven and Brian countered that they would undertake it for 2.5% equity, while Kevin and Lori proposed 3.5% equity.

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Steven maintained his counteroffer of 2.5% equity. Kevin made the final, non-negotiable offer of 3% stock, with all other terms remaining unchanged. Steven and Brian gladly accepted the offer, collected their payments, and departed.

Final Deal: Kevin O’Leary and Lori Greiner agreed to invest $2 million for a 3% stake in Vengo which needs to be paid in over 36 months at 7% interest.

What Happened To Vengo After Shark Tank?

Brian and Steve secured one of the largest acquisitions in the history of Shark Tank. The deal was completed within days of the show airing, and the funds were used to increase the number of vending machines installed.

Vengo vending machines were deployed at 45 schools around the United States in a short period, including the University of Central Florida and New York University, Syracuse. As a result, students could purchase refreshments, technology accessories, and personal care items.

Vengo machines were also installed at Hyatt Hotels throughout New York, bringing in more than 280,000 customers per month. In addition, they presented their gadgets to the Long Island Inventors and Entrepreneurs Club.

Moreover, the company relocated to Bethpage, New York, from Queens, where it opened a 4,000-square-foot facility that was expanded by another 2,000 square feet.

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The company deployed more than 500 Vengo vending machines on college campuses, hotels, gyms, and gyms by 2018. Furthermore, they partnered with retail technology startup Viatouch Media to help advertisers target potential customers better.

Vengo also raised $7 million in equity capital in 2019, bringing the total funding for the company to $12 million. In the past, they have received funding from individuals such as David Tisch, Tony Hsieh, Brad Feld, Joanna Wilson, and Gary Vaynerchuk.

Vengo is still in business in 2022. They have seen a significant increase in sales. Vengo installed 1,425 vending machines in campuses, gyms, malls, department stores, beauty salons, grocery stores, and residential buildings around the country in 2021, generating $15 to $25 million in income.

The company has over 1,600 screens and processes over 13,000 transactions a month, each lasting 33 seconds. There are multiple types of Vengo machines. For instance, touchless machines can be controlled with a cell phone and DOOH Media, which transforms any device into an Internet of Things screen.

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The VengoXL, however, is five times larger, despite its diminutive size. Additionally, the company provides digital out-of-home (DOOH) screens that use its media platform. You can personalize them all to your liking.

Vengo Shark Tank Update

Gary Vaynerchuk and the Foundry Group invested $7 million in Vengo Labs (located in Bethpage, New York) following its appearance on Shark Tank. There are over 500 Vengo machines placed in gyms, hotels, and college campuses in twenty-four states. 

Vengo machines cost $3,100 plus a $15 monthly subscription fee for six SKUs. Additionally, Vengo Labs has teamed up with ViaTouch Media to collect and sell user data to help advertisers better target potential customers.

Vengo Shark Tank Update

Vengo was one of the most successful businesses on “Shark Tank.”. In June, Adweek reported that Vengo would reach 45 schools by the beginning of the school year.

The agreement with Blackstone LaunchPad will provide digital kiosks to schools, including New York University, Syracuse University, and the University of Central Florida. Adweek reports that the products will provide computer accessories, snacks, and personal care items to complement the college student’s lifestyle.

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Vengo is also available in Hyatt hotels. “We are setting up outside where these folks spend their time,” co-founder Shimmerlik told Ad Age shortly after the “Shark Tank” episode premiere. “We can modify content and message in real-time based on the location of media and products.” The messaging can be specific.”

Is Vengo Still In Business?

Yes, Vengo is still in business as of 2022 and has been one of the most successful businesses that appeared on Shark Tank. The founders and investors never finalized their agreement. Vengo flourished and survived despite this. The startup’s involvement in the show increased its popularity to the point that it signed a contract with Blackstone Launchpad.

Also, the Hyatt Hotel provided extraordinarily substantial support for the vending expansion. The company raised $7 million in 2019 from various investors, including Gary Vee.

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Vengo installed around 1,500 machines in New York City locations in 2021, such as institutions, apartment buildings, and gyms. Currently, Vengo generates between $25 million per year and has a value of $50 million.

What is the Net Worth of Vengo?

The valuation of Vengo was $16 million when it appeared on Shark Tank. The net worth of Vengo is $50 million as of 2022.