Vending machine tech provider Invenda raises $19M
Invenda, a Switzerland-based technology provider for vending machines, has raised a $19 million Series B round, its founder and CEO Jon Brezinski tells Axios exclusively.
Why it matters: The vending machine market was worth $17 billion in 2021 and is expected to grow to more than $28 billion by 2030.
Of note: In all, there are some 15 million vending machines in the world, Brezinski says.
- High-end versions in Japan even offer customers selections such as caviar and wagyu beef, Bloomberg reports.
Details: The funding was led by Point Break Capital Management with participation from existing investor Mutschler Ventures.
- Proceeds will be invested in the development of Invenda's cloud-based solutions, hiring and expansion into the U.S. market, Brezinski says.
- While the CEO declined to comment on the company's valuation, he said the Series B was an up round.
- Invenda, which began raising the round last May and received commitments in October, expected the valuation to double, but instead it increased by less than 20%, he says.
How it works: Invenda's operating system is built using Microsoft Windows as the backbone and works for smart fridges and micro market kiosks, alongside vending machines.
- The platform encompasses Invenda Cloud, from which a fleet of vending machines can be controlled from a central location; InvendaOS, an operating system for point-of-sale devices; and Invenda Wallet, an app that enables mobile shopping and loyalty programs.
- The platform can be used for everything from controlling the temperature to save on electricity, to identifying expired products.
Flashback: Before founding the business in 2017, Brezinski conducted market research with support from Intel, and discovered few machines at the time had tech embedded inside them.
- Innovation was limited to providing manufacturers with brighter lightbulbs or an out-of-home digital advertising screen to place on the front of the machine, he explains.
- In Europe, even the idea that a customer would pay with a credit card at a vending machine was questioned at that time, Brezinski says.
- Though not a large market for Intel, it was an opportunity for the chip manufacturer as well as the budding entrepreneur.
By the numbers: The company has been doubling its revenue over the last three years and plans to double it again this year, Brezinski says, though he declined to comment further.