Vengo Labs, a NYC-based retail tech company that is innovating out-of-home advertising by providing digital vending machines that engage consumers and drive trial of new products, raised $7M in Series B funding round.
The round was led by Arcade Beauty with participation from SPINS, Bill Apfelbaum, Grace Beauty Capital, and Kensington Capital Ventures and existing backers Tony Hsieh, Brad Feld, hip-hop artist Nas, Gary Vaynerchuk, David Tisch, and Joanne Wilson.
The funds will be used to scale Vengo’s presence in colleges and gyms and to begin testing new applications, with an initial focus on the beauty industry.
Led by co-founders Brian Shimmerlik and Steven Bofill, Vengo Labs provides digital kiosks that serve both consumer packaged goods and advertisements, combining online shopping with instant access to products of traditional brick-and-mortar retail.
Today, over 1,000 Vengo digital kiosks can be found around college campuses, gyms, hotels, and more.
Bringing in Arcade Beauty and SPINS as strategic partners marks a key milestone for the company to expand its reach, supported by deep expertise in the Consumer Packaged Goods industry.
Vengo plans to expand its network 4x in 2019 to reach 100+ million consumers each month.