If you’re sick of dealing with the same old vending machines, Vengo offers a modern, high-tech alternative. The intelligent and cashless vending machines are also compact and feature cutting-edge technology developed by aerospace engineers. With the Vengo machine, Steven Bofill and Brian Shimmerlik appeared on the Shark Tank to see a $2 million investment for a 12.5% stake in their company. Keep trying to learn more about Venog since it was pitched on Shark Tank.
What is Vengo?
Vengo is a new vending machine that provides a more convenient and dependable experience. Compared to conventional vending machines, these devices are more compact and straightforward. They also accept credit cards, so don’t worry about running out of coins.
Users can order drinks, snacks, or other products from Vengo’s touch-screen vending machine with a single tap. Thanks to its advanced design, this stylish smart appliance keeps track of items, so you won’t have any excuses when your favorite snack runs out.
Founders of Vengo (Backgrounds)
Brian Shimmerlik and Steven Bofill from New York, USA, are the mothers of Vengo. Steven Bofill graduated from the University of Massachusetts, Amherst, with a degree in mechanical engineering. Meanwhile, Brian holds an MBA, which he obtained from New York University’s Stern School of Business.
After graduating from University, Brian worked as a financial analyst at JP Morgan until he became a senior associate at Emigrant Bank. He later decided to intern at a tech startup called Conductor, Inc. On the other hand, Steven, in 2008, founded and was the lead front-end developer for a web development firm, Scratch Interactive. Years later, Steven was hired as a mechanical engineer at Sikorsky Aircraft.
The Birth of Vengo
While working on his MBA, Brian Shimmerlik was caught in a traffic jam in a taxi one day. The thought of having snacks everywhere came from the time he spent waiting. He collaborated with Steven Bofill and a design group to realize his idea.
They devised a vending machine that took up two feet of wall space and was only a few inches thick. It was an inbuilt system with a touch screen.
Brian and Steven entered the NY Business Plan Competition to advertise their company. First place went to the couple and their little vending machines. In 2012, they formally launched the company with the prize money. Vengo, a far better name than Taxi Treats, was the original name before it was changed.
Shark Tank Appearance
In 2016, Brian and Steven appeared on Shark Tank, requesting a $2 million investment in return for 12.5% of their business. The would-be business owners did a fantastic job outlining the possibilities of their venture and showcasing their product. Kevin O’Leary questioned if they were in debt, stating that the Sharks were only partially persuaded despite the additional information provided.
Now that he knew they weren’t, Mr. Wonderful made his customary suggestion. For a $2 million loan with a 3-year term and 7% interest, he requested 6% of Vengo. The business owners asked Lori Greiner if she would like to collaborate with Kevin. Ultimately, the two investors signed the same loan contract with 3% equity this time.
After Shark Tank
Unluckily, the founders’ and investors’ agreement never came to fruition. Vengo, despite this, managed to survive and flourish. The appearance on the show increased the startup’s popularity to the point where it signed a deal with Blackstone Launchpad. Furthermore, the Hyatt Hotel greatly supported the vending business’s expansion.
In 2019, they raised $7 million from various investors, including Gary Vee. Vengo plans to install over 1,500 machines in New York areas such as colleges, residential buildings, gyms, and public transportation by 2021. It currently earns $10 million to $12 million annually and is valued at $50 million.
Net Worth
How much is Vengo valued? Although Vengo has yet to have a deal on Shark Tank, its appearance on the show increased the startup’s popularity to the point. Following its appearance, Vengo signed an agreement with Blackstone Launchpad and got support from the Hyatt Hotel.
In addition to fostering their growth, the Hyatt Hotel’s kind assistance gave them access to valuable resources. As of this writing, Vengo is worth $50 million.
Is Vengo Still in Business?
Yes, they are still in business, although they didn’t secure a deal with the Sharks. On the other hand, Vengo survived by devising new business models that worked out better than they could have hoped.
Frequently Asked Questions
Q. Who founded Vengo?
A. Brian Shimmerlik and Steven Bofill founded Vengo.
Q. In which year was Vengo officially launched?
A. Vengo was formally launched in 2012.
Q. In which year did Vengo appear on the Shark Tank?
A. Vengo appeared on the show in 2016.
Q. Did Vengo secure a deal with the Sharks?
A. No, they didn’t get any deal on the show.
