People often find vending machines outdated and boring. Traditional vending machines are large, bulky, and often fail to work properly. They rarely have exciting features or options. Many don’t even accept cards, which is a big problem since fewer people carry cash. On top of that, traditional machines are hard to manage and keep track of.
Steven Bofill and Brian Shimmerlik saw this problem and created a solution. They introduced Vengo, a smart vending machine. These machines are small, high-tech, and cashless. They come with a touchscreen display and can be easily managed through a smartphone. This is how they aim to change the vending machine experience.
Steven and Brian presented their idea for Shark Tank Season 7. They asked for $2 million in exchange for 12.5% equity in their business. Did the entrepreneur get a deal on Shark Tank? Check out our Vengo update to find out!
Vengo Labs (Vending Machines) Net Worth Shark Tank Update 2025
Brian Shimmerlik and Steven Bofill went on Shark Tank asking for $2,000,000 for 12.5% of their company. This meant they thought their business was worth $16,000,000. They made a deal with Kevin O’Leary and Lori Greiner for $2,000,000 as a loan at 7% interest plus 3% equity. The episode was aired in March 2016. Vengo Labs kept growing and became a known brand in smart vending technology. Using real business expansion data, the current net worth of Vengo Labs is estimated to be around $35 million in 2025.
The deal with the Sharks did not close after the show. However, this did not stop the company from growing. Steven and Brian secured big contracts with major brands, including Hyatt Hotels and Blackstone Launchpad. Their product gained popularity for its convenience and modern features.
Today, Vengo operates over 1,500 machines across the United States. The company generates an estimated annual revenue of over $10 million. Vengo’s success proves that innovation and determination can drive a business forward, even without a Shark Tank deal.
Steven and Brian managed to secure a deal on the show. They accepted a loan offer from Kevin O’Leary and Lori Greiner. The offer was a $2 million loan for 36 months at a 7% interest rate in exchange for 3% equity.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavec | Out | N/A | N/A |
| Lori Greiner | Kevin O’Leary and Lori Greiner | N/A | N/A |
| Kevin O’Leary and Lori Griener | 1# $2M loan for 36 months at 7% interest for 6% equity 2# 2M loan for 36 months at 7% interest for 4% equity 3# 2M loan for 36 months at 7% interest for 3.5% equity 4# $2M loan for 36 months at 7% interest for 3% equity | 1# $2M loan for 36 months at 7% interest for 1% equity 2# $2M loan for 36 months at 7% interest for 2.5% equity | Yes |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Vengo Labs (Vending Machines) Shark Tank pitch
Steven Bofill and Brian Shimmerlik were driven to solve common problems in the vending industry. Steven, an aerospace engineer, and Brian, a business professional, wanted to make vending machines smarter and more efficient.
The idea for Vengo came when they noticed how vending machines struggled to keep up with modern technology. People often complained about the lack of payment options and difficulty in managing vending inventory.
However, starting Vengo wasn’t easy. The duo had to raise $3.4 million to develop their technology. They also faced challenges in convincing vending operators to adopt their new machines. Despite these struggles, Steven and Brian stayed determined and worked hard to make Vengo a reality.
When Steven and Brian walked into the Shark Tank, they were confident. They explained that Vengo was not just another vending machine. Their machines were compact and designed for smaller items like gum, pain relievers, and mints.
The unique feature of Vengo was its touchscreen display. This allowed customers to choose items easily. The machines were also cashless, making them more convenient for modern users. Vending operators could manage the machines remotely through a smartphone. They could check inventory and even analyze customer trends.
Steven and Brian shared that they had already raised $3.4 million in investments. They also had contracts with some of the largest vending companies. They claimed Vengo was on track to make $1 million in revenue the following year.
Mark Cuban: Mark asked if Vengo competed with one of his other investments. Steven and Brian explained how their machines differed, but Mark still felt the competition was too close. He went out.
Daymond John: Daymond questioned the high valuation of $16 million. He felt the business didn’t justify that number and decided to go out.
Robert Herjavec: Robert found the business model confusing. He thought Steven and Brian needed to focus more on one aspect. He went out for this reason.
Kevin O’Leary: Kevin wanted to know if the founders were in debt. When Steven confirmed they were debt-free, Kevin made an offer. He proposed a loan of $2 million for 36 months at 7% interest in exchange for 6% equity.
Lori Greiner: Lori was unsure about the machine’s design but liked the concept. She eventually partnered with Kevin to negotiate the deal further.
Mark Cuban: Mark didn’t like the competition with one of his investments. He believed Vengo wasn’t a good fit for him and went out.
Daymond John: Daymond thought the valuation was unrealistic. He didn’t see the potential for big returns and decided to go out.
Robert Herjavec: Robert didn’t like the business model. He thought it lacked focus and went out.
Kevin O’Leary and Lori Greiner: Kevin and Lori worked together on a loan offer. They eventually agreed on $2 million for 36 months at 7% interest in exchange for 3% equity. Steven and Brian accepted the deal.
Product Availability
The product is widely available today. Vengo machines are installed in hotels, gyms, and college campuses. They dispense small items like gum, pain relievers, and mints.
The machines are managed through a subscription model. Vending operators pay $20 per month for software maintenance. Products are charged $200 per month per SKU. This innovative pricing model helps Vengo generate steady revenue. You can learn more about Vengo and their smart vending.
Conclusion
Vengo started as an innovative idea to solve common problems with traditional vending machines. The founders worked hard to create a smart, cashless, and compact solution. While they secured a deal on Shark Tank, it did not close after the show.
Despite this, Vengo has grown into a successful company. With over 1,500 machines and millions in annual revenue, it’s clear that Vengo’s story is far from over. Stay tuned for more updates about Vengo and other Shark Tank companies!
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
