SAN FRANCISCO April 27, 2010 ─ Cantaloupe Systems, the trailblazer in wireless technology solutions for the vending industry, announced that it has completed its third round of funding, securing $12.4 million in capital from Foundation Capital and Global Environment Fund. Cantaloupe has raised approximately $18.4 million since its inception.

Cantaloupe will use the proceeds to support its aggressive growth plan, including making new investments in research and development, launching new products such as Seed Cashless and Seed Enterprise, exploring acquisition opportunities, hiring talent and offering new pricing structures for its customers.

“We are extremely pleased with the results of our capital raising effort,” said Mandeep Arora, Cantaloupe’s CEO. “In this difficult economic environment, it is gratifying to have two of the most highly respected investment firms believe in our mission, our business model, our staff and the future of the vending industry.”

Ashmeet Sidana, General Partner of Foundation Capital, commented, “Cantaloupe was the first to market with an innovative solution for vending management and their product is a complete end-to-end solution that saves vending machine operators money from day one. Cantaloupe will define this category of SaaS solutions.”

Jeffrey Leonard, CEO of Global Environment Fund, remarked, “We saw the value proposition in Cantaloupe’s product when we first invested four years ago. Our additional investment is a testament to our conviction that Cantaloupe is well positioned to be the leading technology solutions provider helping all customers in the vending industry cut costs, remain competitive and reduce their energy usage.”

Cantaloupe’s growth over the past few years has been nothing short of dramatic. Three and a half times moreSeed devices, the unit embedded within a vending machine that transmits data, were sold in 2009 over 2008, bringing the total units sold to date to over fifty thousand. Financials for the same period were also impressive as gross revenue grew from $2.5 million in 2008 to $9 million in 2009, with this trend continuing into 2010.

“Cantaloupe is positioned for phenomenal growth this year. It is our job to ensure our customers have the best solutions possible while our competitors have just begun to tap the surface of wireless vending; we have eight solid years of focused experience. We continue to innovate, creating valuable solutions like merchandising, routing and cashless instead of resting on Seed alone - complacency is not an excuse,” said Anant Agrawal, Cantaloupe’s CMO.

About Cantaloupe Systems

San Francisco-based Cantaloupe Systems, Inc. is the fastest-growing, wireless vending solutions provider in the U.S. The company was founded in 2002 by young engineers Mandeep Arora, a second-generation vending professional, and Anant Agrawal to provide automated merchandising for the $30 billion vending industry. Installed in individual vending machines, the Cantaloupe Seed device monitors all transactions and transmits the data securely via cellular networks and the Internet Cloud. The result: vending operators know the state of each machine’s inventory without making a physical visit. Operators using Cantaloupe Seed Solution average $35,000 in annual savings per route, can replenish 80 percent more machines per week, and can reduce their carbon footprint by 40 percent through the elimination of unnecessary truck travel and smaller loads per truck.

About Foundation Capital

Founded in 1995, Foundation Capital is a venture capital firm with a single purpose: building great companies. It is this entrepreneurial spirit along with a deep technical expertise that gives the partners the understanding, perspective, and enthusiasm to help promising companies in their formative stages. Foundation Capital targets innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on-demand services. www.foundationcapital.com

About Global Environment Fund

Global Environment Fund is a Chevy Chase, Maryland-based private equity firm founded in 1990 that invests in clean energy, environmental services and sustainable forestry throughout the world. The firm manages approximately US$1 billion in private equity investments for institutional investors, including university endowments, foundations, fund-of-funds, family offices, pension funds and international finance institutions. GEF was selected as the winner of the 2009 Financial Times Sustainable Investor of the Year award. More company information is available at www.globalenvironmentfund.com