Vagabond Vending, a Washington, DC-based provider of route management and data analytics tools to vending machine operators, closed more than $3M across two related financing rounds.
The first round was led by early stage venture capital firm Middleburg Capital Development (MCD); the second by IrishAngels. Blu Venture Investors and other individual angels participated in both rounds. In addition, Vagabond has engaged with MCD and 1st Source Capital Corporation on a broad ranging financing agreement that enables Vagabond to provide needed capital to operators deploying new technologies.
The company will use the funds to expand its communications network.
Led by founder and CEO Michael Lovett and COO Juan Jorquera, Vagabond Vending operates an integrated communications network of machines for the vending industry, which combines Vending Management Software (VMS), hardware solutions, and financing cashless capabilities.
The platform includes web and mobile apps that allow vending businesses to interface directly with their machines in real-time, to determine best-selling products and what machines need to be serviced – all from the warehouse.