Gimme Vending Raises $450K In Seed Funding For Vending Management System
Updated: Nov 22, 2019
ATLANTA -- Vending technology startup Gimme Vending said it has received $450,000 in seed funding for its invention that enables vending machines to communicate sales, cash and inventory data to handheld devices. Gimme said the initial funding round from David Cummings of Atlanta Ventures and private investor John Lally are providing the company with the capital needed to pursue aggressive technology advances and hire more people.
The brainchild of Cory Hewett, who spent summers in high school filling vending machines, and developer Evan Jarecki, Gimme is a Bluetooth dongle that plugs into a machine's computer board and transmits information to a mobile app. Once machine data are loaded into a driver's device, they can be sent to the operator, who will be able to see what's happening in the field and where the cash and inventory are without downloading, synchronizing or hand keying.
"With this critical round of funding, our vision is to streamline, automate and revolutionize the vending industry with Gimme by helping our customers solve their two biggest problems: keeping track of cash and product, and speeding service calls," said Hewett.
Atlanta Ventures chief executive David Cummings added, "The vending market is playing catch-up and in need of technology solutions that advance and streamline the business. The Gimme team has encased powerful technology in a simple, usable solution -- the winning formula for success and fast growth."
Some of Cummings' notable startup investments include marketing automation software provider Pardot, which was acquired by Salesforce.com in 2013 and Yik Yak, a location-based microblogging app that hit the social media scene and raised $60 million from Sequoia Capital in 2014.
Lally has spent the past 30 years in the private-equity and investment banking business and cofounded Resurgens Capital Partners, which has invested in numerous businesses, including StorageApps, which was acquired by Hewlett-Packard.
In May, Gimme won $50,000 at the Technology Association of Georgia's Business Launch Competition.
The young entrepreneurs say their technology is continuing to build traction, including their signing of Atlanta-based Eagle Vending as a customer.