VendScreen builds a 3G-powered, remotely programmable touchscreen SaaS platform for vending machines that enables debit and credit card transactions, over-the-air updates, and detailed product nutritional and calorie information. The devices are easily retrofitted onto most vending machines and integrate with VendSys, MEI, and Streamware. VendScreen positions its platform as a vehicle for advertising and loyalty programs in the near future and says the investment will enable rapid scaling to meet demand. The company collects data and metrics on consumer purchasing behavior and is of interest to large consumer packaged goods (CPG) companies. VendScreen devices collectively process more than $1 million in vending-machine sales per month, and the company describes itself as a market leader in vending platform technology. VendScreen makes a touch-screen Android platform device for vending machines that accepts payments, displays ads, and manages inventory. The company shipped its first units last month after a three-month launch delay and has installations in Oregon, Washington, Virginia, South Carolina and New York. VendScreen moved into a Cascade Station office and currently employs 18 people, a workforce the company expects will likely double within six months as it expands nationwide. It is launching throughout the U.S., according to founder and CEO Paresh Patel. Financially, VendScreen announced it secured an $8.4 million funding round and said its Series B comes with a $7 million reserve. The company also noted it had earlier closed the round at $6.3 million "to get the development done," and a Portland-rooted fund contributed to an amount the company announced in January.

Total raised

$26M

Funding rounds

2

Latest round

Equity

Latest activity

Jan 2014