365 Retail Markets launches Verii, a new product line for snack sales

365 Retail Markets has made a name for itself by reinventing the vending machine market, and it's getting ready to push that envelope a little more this year with the launch of a new product, Verii.

The Troy-based startup makes self-checkout micromarkets, essentially replacing the vending machine in corporate campuses. Customers simply have to choose their snack from a cooler or shelf, self scan it, and then swipe a credit card to pay for it at what the company is branding NanoMarkets. No cashier. No fuss. Just a quick way to get the food they want and go.

365 Retail Markets' newest version of these NanoMarkets is Verii, an in-office snack station for companies with less than 150 employees. Verii's distinguishing feature is an easy-to-use mobile app that enables employee purchases, inventory tracking, and product re-ordering. It's all controlled by a company-designated administrator.

"We know the customers like this and prefer this method of commerce," says Joe Hessling, CEO of 365 Retail Markets. "We are just filling that need."

The company plans to focus on launching Verii this year. It had acquired two other firms last year to help supplement its growth, which was rapid. 365 Retail Markets grew its revenue by $7 million (45 percent) in 2015, bringing its annual revenue to $25 million. It also hired 25 people last year, expanding its staff to 104 employees.

"Last year we hired a person every 11 days," Hessling says. "There is always something going on."

Source: Joe Hessling, CEO of 365 Retail Markets
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.