NEW YORK, Jan. 15, 2019 /PRNewswire/ -- Vengo Labs, the leading retail tech company that is disrupting out-of-home advertising by providing digital vending machines that engage consumers and drive trial of new products, today announced its $7M in Series B funding round. The round was led by Arcade Beauty, an Oaktree Capital portfolio company and the largest manufacturer of beauty samples in the world. 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. Also participating in the round are SPINS, Bill Apfelbaum, Grace Beauty Capital, and Kensington CapitalVentures. Previous investors include Tony Hsieh, Brad Feld, hip-hop artist Nas, Gary Vaynerchuk, David Tisch, and Joanne Wilson.
"As the retail and beauty landscape changes rapidly, it is increasingly important to create alternative distribution channels," said Peter Lennox, President and CEO of Arcade Beauty. "Bringing beauty products to the places consumers need them most is a natural fit for Arcade Beauty. We're looking forward to supporting Vengo's efforts in the beauty industry and growing Vengo's presence 'in the wild."
Vengo Labs' digital kiosks serve both consumer packaged goods and advertisements, marrying the convenience of online shopping with the 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. This hybrid retail and marketing tech solution creates targeted and effective new retail, sampling and media opportunities for brands.
"Vengo is always thinking about creating a frictionless experience for consumers," said Brian Shimmerlik, CEO and Co-Founder of Vengo Labs. "Vengo's physical-plus-digital platform enables brands to create impactful, positive experiences for consumers that jump out of the digital ecosystem and into the real world to provide instant gratification. Marketing can no longer just interrupt the consumer, it needs to provide real value."
Bringing in Arcade Beauty and SPINS as strategic partners marks a key milestone for Vengo 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.
Vengo Labs was first introduced to consumers via its $2 million deal on ABC's Shark Tank from investors Kevin O'Leary and Lori Greiner. Co-founders Brian Shimmerlik and Steven Bofill raised $5 million in previous funding rounds. This additional financing brings the company's total funding to $12 million to date.
Vengo Labs, founded by Brian Shimmerlik and Steven Bofill, is an innovative marketing tech solution that serves both consumer packaged goods and advertisements. Vengo's digital kiosks meet consumers in the places they spend time to provide the right product at the right moment. The Vengo platform is a flexible on-demand advertising network that engages consumers digitally, collects actionable data and can drive trial of physical products with instant gratification.
Visit www.vengolabs.com for more information on whether you qualify for your own Vengo, or would like to advertise or distribute your products through our network.