Morning Update: vending machine serves up ads; GroupM’s global survey tool; Visa’s Rio Olympics ad; where have the creatives gone?
Ad Age: Vengo, a Vending Machine With an Ad Network, Secures $2M Deal on ‘Shark Tank’
One of the largest deals to ever close on ABC’s entrepreneurial TV show Shark Tank has everything to do with a vending machine that serves both Reeses’ Peanut Buttercups and digital ads.
Vengo Labs founder and CEO Brian Shimmerlik wrangled up a $2 million deal with investors Kevin O’Leary and Lori Greiner. Mr. Shimmerlik went toe-to-toe for about five minutes with Mr. O’Leary and Ms. Greiner before accepting a deal.
The CEO and his co-founder, Steve Bofill, secured $2 million in venture debt that will be paid off over three years with a 7% interest rate. In return, the investors will each receive 3% of the company.
