Vengo received a massive evaluation when it appeared on the sharks of Shark Tank in season 7, episode 22, pitching their company "Vengo". Vengo's flagship product was a novel way to disrupt the vending machine market; a slim vending machine capable of being mounted on walls that can hold 100 small-sized objects, all available for purchase with credit cards.

The real value of Vengo comes from selling the vending machine hardware to vending machine companies and charging a monthly fee. At the same time, they control much of what appears on the machine, essentially making Vengo a marketing company. The two New Yorkers claimed they would hit a million in sales the year they appeared. With this pitch, they asked for a staggering $2 million for 12.5% of their company, a $16 million evaluation. Lori Greiner and Kevin O'Leary agreed to a three-year, $2 million loan deal at 7% interest and a 3% equity stake per shark.

Vengo's Net Worth Is $50 Million

Vengo Pivoted Away From Vending In 2020

Vengo has been one of Shark Tank's success stories since appearing on the show. The deal with the sharks did end up going through, with Vengo taking on O'Leary and Greiner's money as venture debt (via SeilerTucker). On an episode of the Exit Rich podcast, Shimmerlik described Vengo as a digital screen company, and in of digital screens, they are the biggest in the country with 53,000 screens. In 2020, the company pivoted away from vending, instead choosing to focus solely on software monetization.

The company's software appears in gyms, restaurants, bars, hotels, hospitals, college campuses, and everywhere else that needs a screen, and they've worked with major companies like Brooks Running, T-Mobile, TikTok, and Target. They are in every state and can access their products from anywhere in the country. At the moment, Vengo is valued at around $50 million and has been featured in some high-profile periodicals, including the Wall Street Journal, Yahoo Finance, TechCrunch, Business Insider, Bloomberg, and Globe Newswire (via NYU).

What's Next For Vengo

Shimmerlik Wants To Exapnd To TV And Mobile Screens

Vengo has big plans for the future, and an entrepreneur as ambitious as Shimmerlik is not going to wait around for long. He said,

"We now have enough scale where we want to focus on the monetization side what's interesting right now is that we are starting to communicate with different types of buyers who have never bought digital at a home before."

Shimmerlik and Vengo want to get into the TV and mobile screen business. Shimmerlik sees Vengo as a way for TV channels to reach their impression goals, which would be another revenue stream for Vengo. Vengolabs is the Instagram page for Vengo and frequently updates with news about the company.

It seems like Vengo would have done all right for itself without Shark Tank, but there's no denying that the sharks' shot of capital is one of the reasons Shimmerlik's company has such a significant net worth now.