Nelson’s SMRT1 Technologies raises $484,000 from crowdfunding website

86 investors chipped in as part of an online campaign.

A West Kootenay tech startup recently raised half a million dollars in a crowdfunding campaign to enhance its software.

Nelson-based SMRT1 Technologies secured $484,000 through the Frontfundr crowdfunding platform. 86 individual investors opened their wallets to the startup, which creates technology for the vending machine industry.

Why it matters: As the economy enters the post-pandemic climate, smart vending solutions offer meal suppliers and any other companies looking to sell through vending machines the ability to customize safe, smart vending quickly and easily in multiple locations. SMRT1’s tech can reduce the need for unnecessary brick and mortar storefronts for businesses, and industries can increase the accessibility of products in regional communities.

Details: The company's tech enables businesses to take charge of the vending hardware and integrate it with existing software to provide access to a scalable, automated retail solution. Companies currently using SMRT1 vending technology to streamline their business come from a range of sectors including education, retail, tourism, information technology, enterprise, industrial, and healthcare.

SMRT1 plans to use funds from the FrontFundr campaign to scale up sales and marketing efforts as well as to secure intellectual property rights to provide a pathway to growth.

“Our smart vending solution will help reboot the economy in the months and years to come, and the funds from this second FrontFundr campaign will accelerate the process,” said Brad Pommen, SMRT1 Technologies president and founder.

What’s next: The company is looking to further expand its clientele in several sectors, having seen the success of their solution in the fresh food retail and harm reduction industries, through partners UpMeals and ENSEMBLE, respectively.

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