Vengo Shark Tank Update: Get to Know Their Current Status
Ever noticed those high-tech Vengo vending machines in your neighborhood? If you follow Shark Tank, you might remember two young men pitching the idea of Vengo machines. In fact, the company grabbed the attention of investors after appearing on Shark Tank.
Since then, what is the Vengo Shark Tank update? On the show, Vengo founders grabbed a $2 million deal for an impressive 3% equity with the two sharks Kevin and Lori. Although the deal was never closed, the exposure helped Vengo to grab the attention of investors and consumers. As of 2023, Vengo is a highly successful venture with 2,700 vending machines in various states and a net worth of $50 million.
Let’s take a look at the updated profile of Vengo and find out the most recent business details of the company.
Vengo Shark Tank Profile
Let’s have a look at the table below to know more about the company from its Shark Tank profile.
| Company Name | Vengo Labs |
| Founders | Brian Shimmerlik and Steven Bofill |
| Founded In | 2012 |
| Product | Touchscreen vending machines |
| Special Features | Compact 6 feet vending machine, accepts credit and debit cards, run by software, monetization via ads |
| Asked For | $2 million for a 12.5% equity |
| Final Deal | $2 million for a 3% equity |
| Sharks | Kevin O’Leary and Lori Greiner |
| Appeared In | Season 7, Episode 22 |
| Air Date | March 18, 2016 |
| Latest Sales Data | <5 million in 2023 |
| Business Status | Successfully running |
| Website | Vengolabs.com |
| Headquarters | 999 South Oyster Bay Road, Building 407, Bethpage, New York, 11714, United States |
| Net Worth | $50 million |
| 2023 Update | Profitable with 2,700 vending machines running in the USA |
| Lifetime Worth | No information found |
| Go to Amazon | Not available on Amazon |
| Watch on | Amazon Prime Video |
Vengo and Its Founders on Shark Tank
Brian Shimmerlik and Steven Bofill are two New York-based entrepreneurs who founded Vengo in 2012. After one or two unsuccessful ventures, they came up with the idea of creating Vengo vending machines.
To promote their product and bag a generous amount of investment, the two founders went on Shark Tank season 7, episode 22 in 2016.
During its appearance, Vengo managed to impress the panel of esteemed investors. Shimmerlik passionately pitched his vision for the future of vending machines. He emphasized the versatility and interactivity of Vengo’s technology.
The Sharks were captivated by the potential for targeted advertising and the ability to gather valuable data on consumer behavior.
However, the founders were asking for a whopping $2 million investment for a total of 12.5% equity. Although all the sharks were impressed, the amount was a deal breaker for most of them. Yet, two of the sharks Kevin O’Leary and Lori Greiner were still interested and the negotiation went on.
Eventually, Vengo struck a deal with Lori and Kevin, who invested $2 million in exchange for a 3% equity stake.
What Happened to Vengo After Shark Tank?
Unfortunately, the deal with the two sharks Lori and Kevin wasn’t sealed. However, this didn’t stop Vengo from growing big. Thanks to the exposure gained from Shark Tank and the subsequent investments. Vengo has become a popular name in the industry now.
Here’s the track record of Vengo’s rise to the top-
- After Shark Tank, Brian and Steven sealed a deal with Blackstone Launchpad and created several kiosks in New York
- Later, Hyatt Hotels also provided Vengo with significant marketing opportunities
- In 2019, Vengo was able to raise a total of $7 million fund from top investors including Gary Vee
- The founders of Vengo run advertisements in their vending machine screens to make them more appealing to various brands and dealers
- At the end of 2021, Vengo successfully implemented about 1,500 vending machines in commercial and residential areas, offices, gyms, college grounds, and other high-traffic areas
- As of 2023, there are 27,000 Vengo screens available all over the USA. By 2022, the company revenue was estimated at $12 million
What’s the Net Worth of Vengo?
When Brian and Steven went on Shark Tank, the net worth of Vengo was $16 million. After the investment of Blackstone Launchpad, Gary Vee, and other big names, the company flourished. Although it suffered some supply chain issues during the Covid 19 period, the company still made a profit.
In 2023, the net worth of Vengo is $50 million.
Vengo Sales Data
As a private company, Vengo doesn’t provide any of its sales data for rhetoric. However, from sources like news portals and interviews, we’ve collected the following sales data:
| Year | Amount from Sales |
|---|---|
| 2017 | 1 million |
| 2022 | 3 million |
| 2023 | <5 million |
Is Vengo Profitable Now?
Yes, Vengo is profitable and a successful venture in 2023. Vengo today has increased its yearly revenue to $12 million with a $7 million investment from Arcade Beauty. The company earns by selling its vending machines at $3,100 per piece.
Besides, it charges $20 per month for the software that controls the hardware. What makes Vengo more profitable than any other vending machine is its monetization via ads.
This way, the Vengo machines are valuable to both business owners and consumers. As of 2023, the company has 2,700 vending machines placed all over the USA.
If you’re interested in more Shark Tank updates, be sure to check out our articles on Handy Pan and Dino Don. Our Handy Pan Shark Tank update features the innovative cooking pan that caught the attention of the investors. Additionally, our Dino Don Shark Tank update showcases the fascinating dinosaur-related business that made waves in the Tank. Explore the stories behind these entrepreneurs and their journey on Shark Tank.Final Words
So, that was all about the Vengo Shark Tank update. With their innovative idea and great use of technology, founders Brian and Steven impressed all the sharks. Although at least two sharks agreed to invest $2 million in Vengo, the deal wasn’t finalized.
Yet, the exposure and media attention helped Vengo a lot and they bagged a deal with other big names in the industry. As of 2023, Vengo is one of the most successful names in the industry. The company’s net worth stands at $50 million and it has implanted 2,700 vending machines or screens in the states.
