Retail Tech Startup Vengo Labs to Gain $7 Million in Series B
Out-of-home advertising startup Vengo Labs closed its $7 million Series B funding round led by Arcade Beauty, an Oaktree Capital portfolio company and the largest manufacturer of beauty samples in the world. Also participating in the round were SPINS, Bill Apfelbaum, Grace Beauty Capital, and Kensington Capital Ventures. Previous investors included Tony Hsieh, Brad Feld, hip-hop artist Nas, Gary Vaynerchuk, David Tisch, and Joanne Wilson.
Vengo Labs’ digital kiosks and vending machines serve both consumer packaged goods and advertisements, marrying the convenience of online shopping with the instant access to products of traditional brick-and-mortar retail. One thousand Vengo digital kiosks can be found around college campuses, gyms, and hotels, creating targeted retail, sampling, and media opportunities for brands.
Vengo plans to use the funds to scale its presence in colleges and gyms and to begin testing new applications, with an initial focus on the beauty industry.