Vengo is a vending machine company that appeared on Shark Tank in 2016. The founders, Steven Bofill and Brian Shimmerlik, pitched their business on the show and received a deal with Lori Greiner and Kevin O’Leary. As of 2023, Vengo is estimated to be worth $50 million.
Key Takeaways:
- Vengo appeared on Shark Tank in 2016 and secured a deal with Lori Greiner and Kevin O’Leary.
- The company is estimated to be worth $50 million.
About the Founders of Vengo
Steven Bofill and Brian Shimmerlik are the talented individuals behind the success of Vengo. Steven holds a degree in mechanical engineering from the University of Massachusetts Amherst, while Brian is an MBA graduate from New York University’s Stern School of Business. Their diverse backgrounds and expertise have played a crucial role in shaping the company’s journey.
Prior to establishing Vengo, Brian worked as a financial analyst at JP Morgan and gained valuable experience through an internship at a tech startup called Conductor Inc. Steven, on the other hand, founded his own web development firm and worked as a mechanical engineer at Sikorsky Aircraft. With their combined skills and entrepreneurial spirit, they set out to create a revolutionary vending machine.
Their passion for innovation and dedication to their vision have been instrumental in the success of Vengo. Through their hard work and determination, they have transformed a simple idea into a thriving business. As the founders and driving forces behind Vengo, Steven Bofill and Brian Shimmerlik continue to lead the company to new heights as CEO and work tirelessly to ensure its ongoing growth and success.
Founders of Vengo at a glance
| Name | Education | Experience |
|---|---|---|
| Steven Bofill | Bachelor’s degree in Mechanical Engineering from the University of Massachusetts Amherst | Founder of a web development firm, former mechanical engineer at Sikorsky Aircraft |
| Brian Shimmerlik | MBA from New York University’s Stern School of Business | Former financial analyst at JP Morgan, internship at Conductor Inc. |
The combination of their technical knowledge, business acumen, and entrepreneurial drive has been the foundation of Vengo’s success. Their leadership and expertise have propelled the company to become a major player in the vending machine industry.
Establishing Vengo and Shark Tank Appearance
After Brian Shimmerlik came up with the idea for Vengo while stuck in traffic, he joined forces with Steven Bofill and a talented design team to bring their vision to life. Together, they created a small, smart vending machine that would revolutionize the industry.
Their hard work and dedication paid off when Vengo won first place in the prestigious NY Business Plan Competition. With this validation, they officially launched the company in 2012, ready to take on the world of vending.
In 2016, Vengo got the opportunity to showcase their innovative product on Shark Tank, seeking a $2 million investment to propel their growth. Although they didn’t secure a deal with the Sharks, Vengo proved resilient. They used the exposure from the show to their advantage, attracting strategic partnerships and securing funding.
Today, Vengo boasts over 1,500 machines deployed across the United States, generating an annual revenue of $10 million to $12 million. With a valuation of $50 million, their journey from a simple idea to a thriving business stands as a testament to their entrepreneurial spirit and determination.
FAQ
What is the net worth of Vengo before and after appearing on Shark Tank?
As of 2023, Vengo is estimated to be worth $50 million. The exact net worth before appearing on Shark Tank is undisclosed.
Who are the founders of Vengo?
The founders of Vengo are Steven Bofill and Brian Shimmerlik.
What is the background of the founders?
Steven Bofill has a degree in mechanical engineering from the University of Massachusetts Amherst, while Brian Shimmerlik has an MBA from New York University’s Stern School of Business.
How did Brian Shimmerlik come up with the idea for Vengo?
Brian Shimmerlik came up with the idea for Vengo while stuck in traffic inside a taxi.
When was Vengo officially launched?
Vengo was officially launched in 2012.
Did Vengo secure a deal on Shark Tank?
Although the deal with the Sharks didn’t close, Vengo managed to survive and thrive.
How many Vengo machines are currently deployed across the US?
Vengo currently has over 1,500 machines deployed across the US.
What is the annual revenue of Vengo?
Vengo generates an annual revenue of $10 million to $12 million.