Zoom Systems, the San Francisco start-up that sells electronics and other accessories in vending machines in airports and hotels, said it it has raised $35 million more in a fourth round of venture backing. The company has now raised a whopping $63.3 million.
You’ve probably seen the machines around. The technology isn’t remarkable. This is more a block-and-tackle execution play than high-risk tech play, and so isn’t your typical venture capital investment.
This latest round of capital came from Goldman, Sachs & Co., Sierra Ventures and Motorola Ventures, the VC arm of Motorola.
Notable is that there was no new lead investor. Motorola Ventures was a new investor but not a lead investor. Existing shareholders Goldman Sachs & Co., which led the third round and Sierra Ventures, which led the first round, together provided about two thirds of this latest round. NeoCarta Ventures, who led the company’s second round also contributed.
From the company’s statement:
Zoom Systems’ fully automated robotic stores are located in high-traffic areas and use technology to provide consumers simplicity, speed and easy access to popular brand products. Leading consumer product brands can sell their latest products through Zoom Systems’ channel to generate incremental revenues with powerful execution of their brand strategy. Shoppers select products via an easy-to-use touch screen graphic interface, finalize purchases with a credit or debit card and receive products immediately via robotic arm. All of Zoom Systems’ robotic stores are networked and centrally monitored, ensuring high reliability and customer service levels.