AirVend has secured $1.2 million in seed funding. The round was led by 365 Retail Markets with participation from PS27 Ventures. Based in Provo, Utah, AirVend is a touchscreen device that displays nutritional information and sends real-time data.
PROVO, Utah, Dec. 31, 2013 /PRNewswire-iReach/ — Last month, the Provo, UT-based startup AirVend scored a $1.2M Series Seed round of funding to fuel its production of the vending-machine-mounted, cashless touchscreen devices designed to help vending operators prepare for the impending law requiring vending machines to display calorie info.
When asked about the new law and the purpose of AirVend’s touchscreen technology, CEO and founder Chad Francis answered, “We love the idea of consumers having nutrition info available, but we also don’t want the new calorie disclosure requirements to break the back of the average vending operator. We are extremely excited to be able to raise the funds in order to take our company and vending technology to the next level and be part of the overall solution.”
The Series Seed round was led by strategic vending industry partner, 365 Retail Markets and included PS27 Ventures, an investment firm focused on healthy living and wellness initiatives.
AirVend is determined to turn this new calorie disclosure law, viewed by vending operators as a significant negative, into a big positive with potential for serious ROI. The wirelessly connected AirVend device not only helps operators comply with coming regulations by providing a digital nutrition label of each product, it also significantly lowers their operating costs with remote inventory management, error reporting, and most importantly, an increase to sales by providing credit card and NFC payment options.
It turns into a true win-win if consumers have nutritional information available to make smart, healthy decisions before making a purchase, and vending operators can adapt to this change with vending technology that isn’t just an unrecoverable cost to them, but an actual improvement to their business and bottom line.
Lance Ellsworth, cofounder and EVP of Business Development, added, “While this new calorie disclosure law is a potential burden hanging over the heads of vending operators, it also turns out to be sort of a catalyst to reinvigorate the vending industry with desperately-needed technology. Being able to scale up operations and provide not just a solution for legal compliance, but also vast improvements in sales and operational efficiency through the application of smart technology is a tremendous opportunity for vending operators and us.”
To find out more about AirVend’s innovative new vending technology or the impact of the new law on the vending industry, visit http://www.Air-Vend.com.
About AirVend, Inc.: AirVend was founded in April 2012 for the express purpose of bringing affordable, advanced technology to the vending and unattended retail industries. The AirVend system is an interactive touchscreen device that displays nutritional information, provides cashless options and sends real-time data and alerts wirelessly, ensuring that Vending Operators reap the rewards they deserve. For more information on this topic or to schedule an interview with Lance Ellsworth, please call 800-321-9601 or email Lance.Ellsworth@Air-Vend.com.
About 365 Retail Markets: 365 Retail Markets is a market leading self-checkout technology company based in Troy, Michigan. 365 offers best in class platforms for the vending, foodservice, and hospitality payment industries. The 365SmartShop is a turnkey unmanned MicroMarket that allows vending operators to increase sales, improve the customer experience, and increase profits, while decreasing operating costs. 365 Retail Markets has been pioneering innovation in the vending industry for over 5 years and continues to revolutionize the market with superior technology and ultimate flexibility in customization and branding.
For more information about 365 Retail Markets, visit http://www.365RetailMarkets.com.
About PS27 Ventures: PS27 Ventures is a Florida-based boutique investment and consulting firm focused on the healthy living and wellness solutions segment of the market. The company works with founders and inventors of new ideas and breakthrough products and helps bring them to market. PS27 Ventures advises as well as invests in selected situations. The firm also utilizes the Lean Start Up methodology to accelerate clients to success.