Como Audio Sets Equity Crowdfunding Goal of $3 Million for Tech Upgrades

After raising more than $500,000 on Kickstarter campaigns 2016-17, Como Audio is returning to crowdfunding, this time through equity platform Wefunder. In a Tuesday email, CEO Tom DeVesto and Vice President-Product Development Peter Skiera appealed to Kickstarter supporters to “be more than a backer and actually own a piece of Como Audio!” DeVesto emailed us Tuesday that the Wefunder campaign, made possible by a 2017 amendment to the Jumpstart Our Business Startups Act, is a “great opportunity” for small investors to "own a piece of a company and determine its future.” Equity crowdfunding allows small companies, not traditionally attractive to venture capital firms, to raise “important amounts of money,” he said. On Como’s plans for the capital it raises through Wefunder, DeVesto said the goal is to raise $3 million, with a minimum target of $1 million, and to use the money to finish certifying its new turntables, bring Google Assistant products to market and convert all existing products to “Works with Alexa” skills. Como’s Wefunder page Tuesday showed $24,900 raised from 17 investors toward an initial goal of $100,000. Shares are $2.50 each with a $300 minimum investment, said the website. After the Alexa software update, Como radio owners will be able to ask Alexa to play “Neil Young on the Como radio in the bedroom” or to raise the volume, DeVesto said. “Many” of Como’s Wi-Fi-enabled speakers support Spotify, Amazon Music, Tidal, Deezer and Napster directly without requiring a mobile device app, he said.