Vengo Labs was featured on Shark Tank in 2016, seeking a $2 million investment. Although the deal with Kevin O’Leary and Lori Greiner didn’t go through, Vengo raised $7 million from other investors, including Gary Vaynerchuk and Nas.
Therefore, the company expanded to over 1,400 vending machines in locations like gyms and universities and reached a $50 million valuation by 2024.
This article explores how Vengo overcame its initial setback and pivoted towards digital advertising, showing how the company adapted and succeeded through innovation and strategic growth
Vengo Net Worth
| Net worth | $50 Million (2024) |
| Annual Sales Revenue | $12 million (2023) |
| Investors | Lori Greiner and Kevin O’Leary |
| Founders | Steven Bofill and Brian Shimmerlik |
| Employees | 10 to 25 |
Vengo Pitch on Shark Tank
| Company name | Vengo |
| Product | Smart, cashless vending machines |
| Episode | Season 07 Episode 22 |
| Founders | Brian Shimmerlik and Steven Bofill |
| Asked for | $2 million for 12.5% equity |
| Final deal | 36-month loan of $2 million at 7% and 3% equity |
| Sharks | Lori Greiner and Kevin O’Leary |
| Location | Road Bldg, Bethpage, New York |
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Vengo Founders
Vengo was founded by Brian Shimmerlik and Steven Bofill in 2012. The founders worked hard to grow this company. They are so smart and passionate. Vengo’s founders, Brian Shimmerlik and Steven Bofill net worth is unknown as of 2024.
Key accomplishments
| Year | Accomplishment |
| 2023 | Vengo now have a network of almost 1400 Vengo machines in gyms, colleges, and offices. |
| 2016 | Vengo Appeared on Shark Tank |
Conclusion
From their beginnings on Shark Tank to their current status as a thriving business. They have proven that with the right idea and execution, anything is possible. We can’t wait to see the future for Vengo and its continued success.
