US-based AirVend’s device not only helps operators comply with coming regulations by providing a digital nutrition label of each product but also significantly lowers their operating costs with remote inventory management and error reporting. The company aims to increase sales as well by providing credit card and near-field communication payment options.
The seed round was led by 365 Retail Markets and included PS27 Ventures, an investment firm focused on healthy living and wellness initiatives.
Chad Francis, chief executive and founder, said: “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.”
Cofounder and executive vice-president of business development for AirVend, said: “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.”