New Stand, a New York-based company which specializes in creating convenience stores, raised $40M in Series B funding.
The round was led by Brookfield Property Group, with participation from existing backers Maywic, Fantail Ventures and Raga Partners.
The company, which has raised over $56m since 2015 inception, intends to use the funds to expand operations and its reach in the business industry and add new space.
Led by CEO Andrew Deitchman, New Stand has built a smart vending physical product that can be set up quickly in such spots as office lobbies, floors within an office building, hotels, college campuses and airports, among others, which is combined with an app to enable people to get basics (such snacks, books and personal care items).
The company currently has approx. 20 locations.