Investors in the round include Foundation Capital and Global Environment Fund.
The company has raised approximately $18.4m since its inception.
Cantaloupe will use the proceeds to support its growth plan, including making new investments in research and development, launching new products such as Seed Cashless and Seed Enterprise, exploring acquisition opportunities, and hiring talented professionals.
Founded in 2002 by young engineers Mandeep Arora and Anant Agrawal, the company currently provides a SaaS solution that saves vending machine operators money. Installed in individual vending machines, the Cantaloupe Seed device monitors all transactions and transmits the data via cellular networks and the Internet Cloud. In this way, vending operators can know the state of each machine’s inventory without making a physical visit.