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Episode 105:

Interview with Steve Bofill, founder of Vengo

The vending machine industry hasn't changed much over the past few decades but Vengo is changing that. Their smaller, super cool looking digital machines with big vibrant screens are giving facilities and venues a new way to sell products to customers and guests. Learn more at VengoLabs.com

Vengo was started by 3 guys in early 2012 who were determined to transform the multi-billion vending machine industry even though they knew it would be a ton of work considering it was hardware, software, manufacturing and distribution. Earlier this year you might remember seeing Vengo on Shark Tank where they were able to land a deal with Lori and Kevin for $2 million. All together has raised $5+ million from approximately 20 investors including Brad Feld, Gary Vaynerchuk, Joanne Wilson and then a bunch of VC funds.

The company has been mostly focused on the NY/NJ area over the past year but now they're quickly expanding across the country. They currently have 400 units installed with plans to add another 300-400 units over the next few months. I could easily see this company deploying thousands of units over the next few years.

In this interview we covered dozens of topics including why Steve started this company, what the hardware/software development process looked like, how they were able to stay lean, the fundraising process, their experience with Shark Tank, the sales process, how they work with brands who want their products inside the Vengo machines, how fast the company is growing, how big this market opportunity will be and much more.

Connect with Vengo on Facebook and Twitter

You can find Steve on Linkedin and AngelList.

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Startup Sense is sponsored by the Lupton Group. We help clients of all sizes, budgets and industries with their business strategy, web/mobile/software design and development as well as branding and marketing. We put our clients in the best position to grow revenues and be more profitable.

Visit us today at LuptonGroup.co or send us an email for a free strategy and marketing review.

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Startup Sense is sponsored by the Lupton Group. We help clients of all sizes, budgets and industries with their business strategy, web/mobile/software design and development as well as branding and marketing. We put our clients in the best position to grow revenues and be more profitable.

Visit us today at LuptonGroup.co or send us an email for a free strategy and marketing review.

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