Vengo Labs
Company: Vengo
Founders: Brian Shimmerlik and Steven Bofill
Recommended for You Webcast, August 30th: Real Time Website Personalization: Advanced Conversion Techniques
Season: Appeared on season 7
Vengo offers high-tech vending machines that allow for products to be purchased through a video and checkout system. Products are not only sold from the digital kiosk, but the machines themselves also display ads and multimedia content on the screens, greatly benefitting the brands who advertise and the users that purchase the products. Cashless payments are used and if the product is not received, sensors allow for an automatic refund.
Some of the sharks initially found the idea to be complicated or the business model too confusing. When they originally appeared on “Shark Tank,” they came in asking for $2 million for 12 percent equity. They ended up leaving with a deal from Kevin O’Leary and Lori Greiner for $2 million, as a loan, with seven percent interest and three percent equity.
Where Is Vengo Now?
Vengo is a “Shark Tank” success story, earning one of the largest deals in “Shark Tank” history. In June, Adweek reported that Vengo was set to reach 45 campuses by this fall semester. The deal with Blackstone LaunchPad introduces the digital kiosks to such schools as New York University, Syracuse University and University of Central Florida. The products will fit the everyday college student’s lifestyle, offering products like tech accessories, snacks and personal care items, according to the Adweek article. Vengo is also at Hyatt hotels. “We are setting up outside where these people spend their time,” co-founder Shimmerlik told Ad Age shortly after the “Shark Tank” episode premiered. “We are able to adjust content and messaging in real time based on where the media and product are taking place. The messaging can be very targeted.”
Shark Tank Update: Vengo
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