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American vending tech firm VendScreen bags $17.8M in funding
Vending machine technology company VendScreen Inc has raised $17.8M in a recent funding round, according to Portland Business Journal.
The financing round was led by existing investors Merrickhanna Ventures and 3X5 Special Opportunity Fund. The Portland-based firm will use the new capital to increase its distribution and marketshare for its 3G vending product, the report detailed.
VendScreen markets touchscreen devices that can be retrofitted on vending machines. These products allow consumers to conduct cashless and mobile purchases through a Software-as-a-Service (SaaS) platform. The products process a total of $1 million in vending machine sales every month, the report explained.
The firm currently employs around 30 workers and is hiring regional sales and product development personnel, the report added.
Tony Arnerich, 3X5 Special Opportunity Fund chairman, said of the company in a statement: "VendScreen is about bringing the power of the cloud to the vending industry. As demonstrated by the size of our investment, we believe in Vendscreen and the innovative technology they bring to the vending marketplace."