Vengo Labs’ CEO Brian Shimmerlik and Co-Founder Steven Bofill successfully negotiated a deal with Shark Tank stars Kevin O’Leary and Lori Greiner, according to Business Insider. Appearing on Friday night’s episode of ABC’s TV show Shark Tank, the entrepreneurs of vending machine company Vengo Labs came away with $2 million in venture debt to be paid over three years at 7 percent interest in return for 3 percent equity.
Vengo Labs is a wall-mounted, compact vending machine with the intention to create “something akin to an online shopping experience but with an immediate reward,” according to the source.
Before appearing on Shark Tank, Vengo Labs raised $3.4 million over a seed and Series A round.
According to the source, Vengo sells its units to vending companies for $2,500 and charges a $20 monthly fee for maintenance insurance and access to cloud-based software.
