December 25, 2013
Vengo was Co-Founded by Abuhena Azad, Steven Bofill and Brian Shimmerlik in 2012. The company received a total funding of $1 Mn through investors David Tisch, Brad Feld, Joanne Wilson, Gary Vaynerchuk, RSL Ventures, BoxGroup, NYU Innovation Venture Fund and Mark Wachen.
The company initially started off as ‘TaxiTreats’, which focused on putting small vending machines inside NY-area taxi cabs. However, making a safe and reliable vending machine that works in a vehicle that’s bouncing around like a cab is difficult according to CEO Brian Shimmerlik.
Now the company has taken a different route by offering a modified machine that can be installed in hallways near the restroom, bar’s bathroom, elevators, etc.
About the Vending Machines:
Vengo has entered into an agreement with new investor FunBars, to have its vending machine installed at 10 locations across New York and New Jersey. FunBars are the owners of Village Pourhouse and other brands.
Initially Vengo had decided to sell its TaxiTreats Machines at retail prices. However they will now be provided for free at selected locations. Rather, Vengo and its location partners will split the revenue obtained through the machines. There is no Estimated Time of Arrival for TaxiTreats as of yet, but the company has accumulated some industry partners including transportation companies and taxi owners that have agreed to install the vending machines when they are ready.