This funding will allow the Company to push aggressively into the market while we build our team and Company operations to support growth.
PORTLAND, OR (PRWEB) December 07, 2012
VendScreen, Inc., inventor of the VendScreen Revolution™ smart device for new and existing vending machines, announced today it has raised $8.4 million dollars in a Series B round with another $7 million reserved from 3x5 Special Opportunity Fund (3x5) and Merrickhanna Ventures (MKV), closed-end private investment funds based in Portland, Oregon. This funding, in combination with Series A capital from MKV earlier this year, will back VendScreen’s growth now and into the future, allowing the company to build operating infrastructure.
“VendScreen, Inc. is at an inflection point,” said Paresh Patel, Founder and CEO of VendScreen, Inc. “We’re growing very fast, having evolved from a development company into an operating company in under a year. This funding will allow the Company to push aggressively into the market while we build our team and Company operations to support growth.”
3x5 Special Opportunity Fund, L.P. is a Portland-based, closed-end private investment fund focused primarily on direct investments in later-stage companies within the healthcare and clean-tech sectors. The fund opened in 2011 and recently closed at approximately $70 million in committed capital, which it expects to deploy over five portfolio investments. 3x5’s investment in VendScreen, Inc. reinforces the immense confidence and enthusiastic reception of the VendScreen Revolution™ smart device within the vending machine industry.
The company is shipping devices now and working feverishly to scale to meet customer demand. “It is clear from customer and prospect reception that our value proposition is getting through to people,” added Glenn Butler, co-founder and chief technology officer. “Up until now, vending machine operators may have equipped between 3-5% of their machines with cashless technology. Now, they are ready to go 100% with VendScreen Revolution™ which brings the existing vending machines into the much desired digital age with features such as cashless acceptance, nutrition information, advertising and promotions, and data to improve routing efficiency, inventory control, and merchandising.”
About VendScreen, Inc.
VendScreen, Inc. is the inventor of the VendScreen Revolution™ smart device, founded by Paresh Patel and Glenn Butler; two longtime veterans of the vending machine industry. Patel is a lifelong entrepreneur with a passion for applying breakthrough technologies to established business models. At age 17, he founded Courtesy Vending to help pay for college, then propelled the company to become the largest independent vending operator in the Portland area. Anticipating the rapidly evolving technology needs of vending operators, Patel again applied his entrepreneurial instincts, business savvy and industry experience to launch VendScreen Revolution™; a game-changing product which advances vending’s position in the retail channel.
Glenn Butler is a serial entrepreneur, having been involved in many startups from the “garage” stage to pre- and post-VC funding. Only two years out of college, he co-founded Streamware Corporation and sold it 10 years later to Crane Co. In addition to focusing on VendScreen, Inc., Butler is a contributing editor to Automatic Merchandiser magazine.
For more information, please visit http://www.vendscreen.com
VendScreen Revolution is a trademark of VendScreen, Inc.