NYCEDC and “NYC Next Idea” Competition Winner TaxiTreats Announce Launch of New Product and Seed Funding
“Vengo” Vending Machines Will Provide Access to Products Including Hand Sanitizer, Gum, and Mouthwash at Locations In New York City
TaxiTreats Raised $1 Million in Seed Funding From a List of Backers Including David Tisch and the Richport Group, Chaired by Singer Marc Anthony
New York City Economic Development Corporation (NYCEDC) and TaxiTreats today announced the launch of Vengo, a new vending machine product from TaxiTreats that will provide such items as gum, mouthwash and hand sanitizer to restaurant and bar patrons in New York City. Taxi Treats, which was the winner of NYCEDC’s third annual “NYC Next Idea” competition last year, has also secured new seed funding which they are using to place their first Vengo at the Village Pourhouse in Manhattan’s East Village. TaxiTreats won the NYC Connect Track of the 2012 Next Idea competition, which seeks to further establish New York City as an international center for innovation and entrepreneurship. Their winning submission earned TaxiTreats a $17,500 grant, which the company has used to raise the additional $1 million in funding from prominent venture capitalists such as David Tisch and The Richport Group, which is chaired by singer Marc Anthony.
“We are pleased to see the winners of our NYC Next Idea competition thriving and expanding their innovative businesses,” said NYCEDC President Seth W. Pinsky. “This competition is an important part of our effort to encourage entrepreneurship within a variety of sectors. TaxiTreats is a perfect example of the type of cutting-edge company that is making New York City the global center of innovation in the 21st Century.”
“The first Vengo machine at the Village Pourhouse contains gum, pain relievers, hand sanitizer and hand lotion,” said TaxiTreats co-founder and CEO Brian Shimmerlik. “The City has been very helpful with TaxiTreats and Vengo, so we are excited to finally launch Vengo and see our vision come to life.”
TaxiTreats hopes to expand the Vengo product and plans to have vending machines in restaurants, bars, and offices in the coming years. The company continues to explore their original concept of vending machines inside taxi cabs in a number of cities.
The NYC Next Idea competition is one of several initiatives launched to attract businesses to New York City. Another initiative, World to NYC, seeks to promote trade and investment between New York City and the global economy. Launched in December of 2010, World to NYC has already engaged over 100 international companies on expansion into New York City.
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.