Forbes
Review: Como Audio Releases Its First Turntable
Como Audio, Inc
Hellbent on building high-quality music systems on Main Street USA 🇺🇸
Boston, MA
Consumer Products
E-Commerce
Como Audio is a consumer electronics company that makes sophisticated music systems that do not require a connection to a cellphone or other device. It was founded by serial entrepreneur and Consumer Electronics Hall of Fame Member, Tom DeVesto, a visionary in the industry for decades, and never one to shy away from going against the grain. With this raise, Como Audio looks to bring manufacturing jobs back to the USA.
$244,721
raised
322
Investors
$10.9M
Valuation
$1.25
Price per Share
$250.00
Min. Investment
Common
Shares Offered
Equity
Offering Type
$478K
Offering Max
0
Days Left
This offering ended on January 23, 2021 and is no longer accepting investments.
Reasons to Invest
Tom DeVesto, Creator and Founder of Como Audio, has led some of the most recognizable brands in the consumer electronics business. From Kloss Video, and Cambridge SoundWorks to Tivoli Audio, Tom has been on the leading edge of innovation, design and production. Over his 40+ year career, he has successfully sold or brought companies public on the NASDAQ, established US manufacturing all while producing high-quality, high-value and highly acclaimed products.
The United States is overly dependent on foreign manufacturing and in deep need of high-paying jobs
The smart speaker market is thriving — with 53M US adults owning at least one smart speaker
A Note from Tom DeVesto, Founder and CEO of Como Audio
Hi everyone,
I’m Tom DeVesto.
I’ve spent the past 40 years of my life founding multiple companies, selling some, and leading others to an IPO* on the NASDAQ. I’ve been lucky enough to become a Consumer Electronics Hall of Fame Member with my work in the audio space. I even started my first two companies with Henry Kloss who developed the world’s first acoustic loudspeaker.
I believe my track record speaks for itself and that I’ve learned what it takes to be different in crowded industries, how to create products that people love, how to start companies and grow them exponentially, and how to manufacture in the United States.
“Why Como Audio?”
- Larger companies may struggle to pivot production from overseas to the United States. We are not entrenched in the historic model. We are in a start-up position with more flexibility to make changes as we more forward.
- While other companies have struggled during COVID-19, Como Audio has achieved a 50% increase in direct to consumer sales in the US in 2019.
- Not only are we dedicated to creating great products, but we’re also hellbent on doing our part to revitalize the US economy.
Tom DeVesto
CEO and Founder, Como Audio
*Prior performance is not indicative of future success and the Issuer's prior businesses are not related to this current offering.
“We’re building high-end audio equipment while bringing jobs back to the United States”
Overview
In founding Como Audio, Tom DeVesto’s goal was simple: to make it easy to access all of the music content available through one device that would deliver multi-room, true high-fidelity, Wi-Fi sound in a compact wooden design. The Como Audio products are designed to not only produce great room-filling sound but have the ability to sync music throughout the house. With multiple million dollars in revenue already, and successful crowdfunding campaigns, we’ve been able to perfectly execute on our vision.
Moving forward, we want to take the next step in our plan, and use the money from this raise to bring our manufacturing back to the U.S., and help alleviate the massive job losses that have been wreaking havoc on our economy and social fabric.
The Problem
Over 40 million people out of work, broken supply chains and America is too reliant on foreign manufacturing
We’ve also seen unprecedented levels of job loss due to outsourced manufacturing in this country, with many of the long term middle class jobs of the mid-20th century no longer available to the millions of Americans who used to rely on them to build a life.
The US is heavily reliant on foreign manufacturing and supply chains - the recent COVID-19 pandemic has highlighted this weakness.
The Solution
Upskill, hire and begin building Como Audio products in the United States.
Over the last 4 years Como Audio has developed and established a brand that is anchored by a reputation for building innovative, high-quality and highly acclaimed music systems.
Tom has been evaluating and preparing to repatriate manufacturing to the US for over a decade. For example, in 2015, Tom founded RePat, LLC a company created to explore producing consumer electronic components in the United States. The company conducted feasibility studies and drafted a design and engineering plan to build a facility based in Boston, MA. RePat is a Delaware LLC and is not a related entity to Como Audio or this campaign.
Como Audio has already started shifting some of the production elements to the US. In 2018, Como Audio began doing customization work and pre-programming prior to shipping from its office in Boston, MA. Between Tom’s extensive experience, research and initial testing, Como Audio is well-positioned to open a factory in Massachusetts, and to create high-paying jobs building high-end music systems. Our headquarters are currently in Massachusetts, and Tom DeVesto retains local manufacturing contacts from previous companies including Advent, Kloss Video, and Cambridge Soundworks. We are in the process of finalizing a lease agreement to take over an 8,200 square foot facility in Braintree, Massachusetts. There is an additional 20,000 square feet available to us in the same building so that we can expand as necessary.
THE PRODUCTS
Our products provide studio-quality sound allowing music to be heard in the way the artist intended. Music lovers experience vividly clear, room-filling sound for music streaming, vinyl, and more.
Designed to be beautiful, simple to use, and operated with or without a mobile device, Como Audio products go against the grain. While the majority of speakers on the market require a mobile phone, are cheaply made, and offer poor audio quality- Como Audio provides high-quality, highly acclaimed music systems that are beautifully designed and easy to operate.
The Market
The worldwide smart speaker grew 52% in Q4 of 2019
All five of the top vendors in the space broke their all-time best shipment records in Q4, proving that the demand for smart speakers continues to grow, even as 53M US adults already own at least one smart speaker.
But we believe there’s a significant lack of creativity within the market, as most would be hard-pressed to explain significant differences between contending products without using the same ambiguous lingo pushed by their manufacturers.
Our Traction
Massive crowdfunding success already under our belt
After two crowdfunding campaigns — during which we raised $500K from 1,500 backers — we were able to deliver four products to the market ahead of schedule in 2016 and 2017, to an incredibly positive reception from users and industry insiders.
We’ve grown in different ways each year, starting in 2016 with just over half of one million dollars in sales, and growing to over 1.9M in sales in 2018.
2019 was a transitional year. We expanded international distribution by partnering with AV EMEA. This partnership propelled our distribution to over seven new countries totaling over 30 countries worldwide. In March, we launched our first equity crowdfunding campaign, which yielded over $270,000 from 230 investors. That capital allowed us to tackle new opportunities – like the introduction of our first turntable – and take a step away from just manufacturing smart speakers and towards becoming a multi-faceted audio company.
During COVID-19, Como Audio has achieved a 50% increase in direct-to-consumer sales in North America, verses the same time period in 2019. Now, with this campaign, we aim to take another step forward and create a plan to bring our manufacturing home to the United States.
Our five products — the Solo, Duetto, Musica, Turntable, and Amico — are all ranked 4 stars and above on Amazon — and have received glowing reviews from outlets like Rolling Stone and the Financial Times, among dozens of others.
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What We Do
We design, market and sell visionary audio products
Led by Tom DeVesto, we design each of our products to be forward-looking, with an eye on where the market is heading. Our wood grain and metal knobs give our music systems an unmistakable charm and unique aesthetic that gives our users not only a top-flight auditory experience but one of visual and tactile excitement as well.
We’re a US-based company that is laser-focused on bringing manufacturing back to the US.
The Business Model
Our gross profit margins are on average 48%
We sell speakers ranging in price from $299 at the low end, to $649 at the high end.
Our 48% gross profit margin allows us to compete with some of the bigger companies while reinvesting into our production and design of a continuously innovative line of products.
How We Are Different
Flawless design that not only looks beautiful but also delivers music the way the artist intended
We are going against the grain with every aspect of our design. Taking every detail into consideration, we believe we have created products that spark joy in users that the industrial, uninspired designs of our competition can’t compete with.
Not only does our wood paneling look fantastic and give us an identifiable niche, but we found that it actually serves for a better speaker enclosure and makes for a higher fidelity sound.
With actual knobs and buttons, our users get a truly tactile experience, with none of the frills and frustration that comes from some of the over-engineered “high tech” options, that are more complicated than they are practical.
The Vision
As people seek simplicity and authentic music listening experiences, Como Audio will endeavor to produce world-class music systems in the US.
We believe that the days of being tethered to a device to enjoy your music are numbered. People will be yearning for a simple and tactile experience without the complications. In addition, as a US-based company, we want to begin a two-year process of bringing all of our manufacturing back to the US. This is a core value of ours — and we’re incredibly excited to be able to be a part of the movement to bring jobs back home.
Our Team
Founded by a consumer electronic pioneer and legendary designer
CEO and Founder Tom DeVesto has been innovating for over four decades, and along the way has made massive waves in the industry through work at Advent Corporation, his efforts that brought Kloss Video public, as well as a series of ventures like the founding and operating of companies like Tivoli Audio and Cambridge Soundworks.
Why Invest
Help us fund the process to bring the manufacturing of our visionary product line to the US
Now that we have brought our music systems to market, and received amazing feedback from users and reviewers, we are ready to begin the process of bringing our manufacturing back to the US.
In the Press
GeekDad
GeekDad Review: Amico Portable Wireless Speaker by Como Audio
Sound & Vision
Como Audio Solo & Duetto Wireless Music Systems
Offering Summary
Company | : | Como Audio, Inc |
Corporate Address | : | 21 Drydock Avenue, Boston, MA 02210 |
Offering Minimum | : | $10,000.00 |
Offering Maximum | : | $478,400.00 |
Minimum Investment Amount(per investor) | : | $250.00 |
Terms
Offering Type | : | Equity |
Security Name | : | Common Stock |
Minimum Number of Shares Offered | : | 8,000 |
Maximum Number of Shares Offered | : | 382,720 |
Price per Share | : | $1.25 |
Pre-Money Valuation | : | $10,885,551.25 |
COVID Relief
This offering is being conducted on an expedited basis due to circumstances relating to COVID-19 and pursuant to the SEC’s temporary COVID-19 regulatory relief set out in Regulation Crowdfunding §227.201(z).
Expedited closing sooner than 21 days.
Further, in reliance on Regulation Crowdfunding §227.303(g)(2) A funding portal that is an intermediary in a transaction involving the offer or sale of securities initiated between May 4, 2020, and August 31, 2020, in reliance on section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)) by an issuer that is conducting an offering on an expedited basis due to circumstances relating to COVID-19 shall not be required to comply with the requirement in paragraph (e)(3)(i) of this section that a funding portal not direct a transmission of funds earlier than 21 days after the date on which the intermediary makes publicly available on its platform the information required to be provided by the issuer under §§227.201 and 227.203(a).
Voting Rights of Securities sold in this Offering
Voting Proxy. Each Subscriber shall appoint the Chief Executive Officer of the Company (the “CEO”), or his or her successor, as the Subscriber’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
Investment Incentives and Bonuses*
Time-Based Perks
Friends and Family Early Birds
Invest within the first 72 hours and receive an additional 20% bonus shares
Early Bird Bonus
Invest within the first 10 days and receive an additional 15% bonus shares
Amount-Based Perks
Minimum $400 Investment
20% off a one-time purchase of Como Audio music systems*
Minimum $1,000 Investment
Receive 10% bonus shares and
25% off a one-time purchase of Como Audio music systems*
Minimum $2,000 Investment
Receive 15% bonus shares and
30% off a one-time purchase of Como Audio music systems*
Minimum of $5,000 Investment
Receive 18% bonus shares and
35% off a one-time purchase of Como Audio music systems*
Minimum of $10,000 Investment
Receive 20% bonus shares and
35% off a one-time purchase of Como Audio music systems*
Minimum of $50,000 Investment
Receive 25% bonus shares and
40% off a one-time purchase of Como Audio music systems*
Additional Perks
Additional 20% off any Como Audio product for current Como Audio product owners.**
Additional 20% off any Como Audio product for individuals who previously backed our Wefunder, Kickstarter, or Indiegogo campaigns. ***
*Product discounts are only valid when purchasing directly from comoaudio.com. Investor discounts cannot be combined with other promotions or used on products with already reduced prices. Investment discounts expire on 12/31/20.
**This offer is limited to individuals who are Como Audio product owners. This offer is limited to a one time use. The offer is non-transferable. Offer is limited to a maximum purchase value not to exceed $2,000 after discount. This offer is for customer use only and may not be used for resale.
***This offer is limited to individuals who previously backed Como Audio through our previous WeFunder, KickStarter or Indiegogo campaigns. This offer is limited to a one time use. The offer is non-transferable. Offer is limited to a maximum purchase value not to exceed $2,000 after discount. This offer is for customer use only and may not be used for resale.
The 10% Bonus for StartEngine Shareholders
Como Audio, Inc. will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Common Stock at $1.25 / share, you will receive 110 shares of Common Stock, meaning you'll own 110 shares for $125. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investors eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are cancelled or fail.
Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.
*All perks occur when the offering is completed.
Irregular Use of Proceeds
The Company might incur Irregular Use of Proceeds that may include but are not limited to the following over $10,000: Vendor payments.
Show More
Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$1,730,394.00
USD
$2,293,559.00
USD
Cash And Cash Equivalents
$177,002.00
USD
$121,999.00
USD
Accounts Receivable
$31,727.00
USD
$238,627.00
USD
Short Term Debt
$1,870,016.00
USD
$1,481,280.00
USD
Long Term Debt
$0.00
USD
$3,750,000.00
USD
Revenues And Sales
$1,445,071.00
USD
$1,943,802.00
USD
Costs Of Goods Sold
$860,051.00
USD
$1,054,818.00
USD
Taxes Paid
$0.00
USD
$0.00
USD
Net Income
-$1,290,564.00
USD
-$1,139,452.00
USD
Risks
A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.
Updates
It's our 5th Birthday, and we couldn't ask for a better present than your review!
over 1 year agoThis February, we're celebrating five years of Como Audio! Since launching with Solo and Duetto in 2016, we've continued to grow, introducing new products every year that are now sold all around the world.
Our customers have backed our products through two successful Kickstarter campaigns, and many of you have even become investors in the company through our equity crowdfunding ventures.
As a small company, word of mouth is very important to us, and we'd like to ask you to share your honest feedback about our products and service. If you could leave a review of Como Audio on Amazon, Facebook, Google, or Trustpilot, it would be sincerely appreciated, or you can email your thoughts to us directly at info@comoaudio.com.
We couldn't be more grateful for the support, and we look forward to new products coming very soon.
Final Hours: Campaign Closes TODAY!
over 1 year agoWe're down to the wire! Our StartEngine campaign will close at midnight, so today is the very last day to invest. Every investment will help us continue to create jobs and develop new products here in the US.
We couldn't be more grateful to everyone who supported the campaign so far, and we're happy to have you on board as we work towards some exciting 2021 plans!
Last Days To Invest!
over 1 year ago
With a little over 48 hours left in our StartEngine campaign, the last days to invest are here. The campaign will close for good at the end of the day on Friday, January 22nd. We've had some new investors jump on board just in the last week, bringing our current raise total to $230K+ from almost 300 investors.
Don't forget that there are also a variety of perks available based on investment level that you can take advantage of, including product discounts, which are good through the end of 2021.
Closing Week!
over 1 year ago
Our StartEngine campaign will close this Friday, January 22nd. There's only three days left to invest, so if you've been thinking about making a contribution, don't miss your chance. With over $219K raised from 290+ investors, we've come a long way since the campaign launch, and we're looking to close on a high note. We have lots of exciting plans for 2021, including the introduction of some brand new products, and every single one of your investments will help.
$200K Milestone
over 1 year agoWith less than two weeks to go before the close of our StartEngine campaign, we’ve reached a very important milestone by crossing the $200K investment mark. We’d like to thank all of our investors and campaign supports who made this possible. Your investment will go a long way in helping us to introduce new products and maintain a strong staff of qualified technicians.
By reaching this milestone today, we were also able to secure our placement in a big StartEngine newsletter update which will run on January 19th. That will get us in front of many potential investors prior to the campaign closing on January 22nd. This was a big opportunity for us, and we really appreciate everyone who helped us make it possible.
Please continue to share the campaign throughout our final two weeks. After hitting this latest benchmark, we are inspired to continue building as much as we can before it closes.
Notice of Funds Disbursement
over 1 year ago[The following is an automated notice from the StartEngine team].
Hello!
As you might know, Como Audio, Inc has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Como Audio, Inc be on the lookout for an email that describes more about the disbursement process.
This campaign will continue to accept investments until its indicated closing date.
Thanks for funding the future.
-StartEngine
Time to hit a high note and invest in Como Audio by January 11th to keep the music coming
over 1 year agoComo Audio has raised over $180K from 250+ investors, and there's only a few weeks left in our StartEngine Campaign. By hitting our $200K benchmark by January 11th, we can be included in a prime StartEngine newsletter that will help us reach many potential investors and launch our new product line of great sounding audio products including turntables at affordable prices.
2020 Sales Update + Closing Reminder
over 1 year agoHi All,
We hope you had happy holidays and that your 2021 is off to a great start!
Como Audio had an exciting year even in the face of the pandemic. Our direct to consumer sales - which include all business done on our website and Amazon - are up over 40% from last year.
Please note that these are preliminary numbers from the close of the year. They have not been officially reviewed or audited, and do not yet account for returns or international sales.
With a little less than three weeks to go before our StartEngine campaign closes, we're hoping to reach the $200K benchmark that we are working towards. If you haven't invested yet, the time to do so is now! If you have, please pass our campaign along to your friends and family who may be interested.
We appreciate the support and look forward to another exciting year.
Meet Como Audio
over 1 year agoComo Audio has been able to accomplish so much thanks to hard work and the generous investors we’ve acquired so far. Now, we’d like to take it to the next level. Check out our brand new video to meet the Como Audio team and learn about the jobs that your investments have made possible. If you haven’t already, please invest in Como Audio by visiting our StartEngine campaign. Help us create more jobs and products here in the USA.
Notice of Material Change in Offering
over 1 year ago[The following is an automated notice from the StartEngine team].
Hello! Recently, a change was made to the Como Audio, Inc offering. Here's an excerpt describing the specifics of the change:
Como Audio, Inc. is extending their campaign by 60 days.
When live offerings undergo changes like these on StartEngine, the SEC requires that certain investments be reconfirmed. If your investment requires reconfirmation, you will be contacted by StartEngine via email with further instructions.
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