PORTLAND, Ore. - Fast-growing VendScreen Inc. has landed another $15.4 million in venture capital.
VendScreen makes touch-screen devices for vending machines. The company, which is now selling products, will use the investment to build infrastructure.
The investment includes an $8.4 million Series B round and $7 million from two private investment funds: the 3x5 Special Opportunity Fund and Merrickhanna Ventures.
“VendScreen Inc. is at an inflection point,” said founder and CEO Paresh Patel, in a news release. “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.”
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Some big names are among the company's investors, including Nitin Khanna and Tony Arnerich.
The funding announced Friday is in addition to a Series A investment announced earlier this year.
“It is clear from customer and prospect reception that our value proposition is getting through to people," said Glenn Butler, co-founder and chief technology officer, in a news release. "Up until now, vending machine operators may have equipped between 3 percent and 5 percent of their machines with cashless technology. Now, they are ready to go 100 percent 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."