QUICK LINKS: Videos  |  Micromarkets |

Redemption Report




Buy a Classified Ad


Editorial Calendars


Circulation Data






Date Book


Bookmark this site

Issue Date: Vol. 52, No. 12, December 2012, Posted On: 12/4/2012

VendScreen Raises More Funds To Sustain Industry Deployment

Emily Jed
TAGS: vending, vending machine, VendScreen, Vend Screen, 3x5 Special Opportunity Fund, Merrickhanna Ventures, Portland Incubator Experiment, Wieden & Kennedy, Paresh Patel, Glenn Butler

PORTLAND, OR -- VendScreen Inc. reports that it has raised $8.4 million in a Series B round, with another $7 million reserved from the 3x5 Special Opportunity Fund and Merrickhanna Ventures (MKV), both closed-end private investment funds. This backing, combined with Series A capital from MKV earlier this year, will back VendScreen's growth by enabling the company to build operating infrastructure, according to VendScreen chief executive Paresh Patel.

The company is the developer of the VendScreen Revolution, a retrofittable Android-based computing device with a touchscreen that can be installed into existing vending machines, as well as new ones. It is MDB-compatible, and fits into the card-terminal cutout common in recent machines. The apparatus also can be surface-mounted to machines without the cutout.

"VendScreen Inc. is at an inflection point," Patel observed. "We're growing very fast, having evolved from a development company into an operating company in under a year. This funding will allow the company to push aggressively into the market while we build our team and company operations to support growth."

The 3x5 Special Opportunity Fund L.P. (Portland) is focused primarily on direct investments in later-stage companies. The fund opened in 2011 and recently closed at approximately $70 million in committed capital, which it expects to deploy over five portfolio investments.

VendScreen said it is shipping devices now and working feverishly to scale to meet customer demand.

"It is clear from customer and prospect reception that our value proposition is getting through to people," said VendScreen chief technology officer Glenn Butler. "Up until now, vending machine operators may have equipped between 3% and 5% of their machines with cashless technology. Now, they are ready to go 100% with VendScreen Revolution, which brings existing vending machines into the much-desired digital age with features such as support for cashless transactions, display of nutrition information, advertising and promotions, and transmission of data to improve routing efficiency, inventory control, and merchandising."

Topic: Vending Features

  • Mars Chocolate And Wrigley Extensions Build Excitement In Vending Machines And Micromarkets
  • Den's Hot Dogs Adds Kosher Variety For Vending Machines And Micromarkets
  • Three Square Adds Nutrition Information To Micromarket Displays, Opens One-Stop Product Shop For Vending Operators
  • Marapharm Ventures Inc. Plans To Pilot Pot Vending Machines
  • Dec. 1 Deadline Arrives: Calorie-Labeling Compliance Is Now Mandatory For Vending Machines

Copyright © 2016 Vending Times Inc. All rights reserved. 
P: (516) 442-1850 | F: (516) 442-1849 | subscriptions@vendingtimes.net
55 Maple Ave. - Ste. 304, Rockville Centre, NY 11570