Vengo Partners With Canteen To Distribute Mini Vending Machines & Streamline Operations
NEW YORK, NY –January 19, 2016 - Vengo Inc., creators of the Vengo technology platform, announced today a partnership with Canteen, the largest vending machine company in the country, to distribute Vengo vending machines to its college locations. The news comes after Vengo recently raised a fresh $2,000,000 in Series A funding.
Canteen spotted early versions of the Vengo vending machine at New York City-based colleges such as New York University and LaGuardia Community College and identified Vengo as a supplier with a unique product that could help grow their higher education segment.
Vengo’s form factor, design and technology allow operators to expand the places on campus where vending takes place. Vengo has achieved a 100% success rate of pilots on campus converting to larger deployments. Brian Shimmerlik, CEO at Vengo, states, “Vengo has accumulated a ton of data over the past 4 years to maximize profitability. Operators can leverage Vengo’s learning to achieve a payback period on the equipment of 14 months or less.”
In addition to vending revenue, Vengo generates media revenue from its 21.5” touchscreen. Vengo works directly with CPG brands and their media agencies to create point-of-purchase marketing campaigns. In a recent AdAge article, Bethany Bauer, Senior Manager of Pay Point Experience at Hershey stated, “Vengo has exceeded all of our expectations. We believe unplanned purchases can happen anywhere there is a pay point.” Vengo shares its media revenue with owners of the equipment.
Vengo’s newest vending machine generation will be produced by D&K Engineering and is available for purchase by select regional operators in February 2016.
About Vengo
Vengo, Inc. is a NYC-based technology company supplying the vending industry in Chicago, New York, Boston & Florida. The company has raised $5mm in funding from leading investors such as Tony Hsieh’s Vegas Tech Fund, Queensbridge Ventures (Co-Founded by Nas), Jens Molbak (Founder of Coinstar), Kensington Capital, Scout Ventures and Armory Square Ventures. The Company focuses on design, media, software and data to support the vending industry with profitable vending machines. www.vengolabs.com
About Canteen
Canteen is the largest and only national vending services company in the US, operating 200 branches across the country. Based in Charlotte, NC, Canteen is an operating company of Compass Group North America, the leading foodservice and support services company with $14.5 billion in revenues in 2015. www.canteen.com.
