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Comino

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Forerunning innovations in liquid-cooled computing

130%
 - 
Funded 30 Dec 2020
€750,001 target
€978,307 from 610 investors
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Business overview

Location London, United Kingdom
Social media
Website comino.com/en/
Sectors Games Non-Digital Mixed B2B/B2C
Company number 10541126
Incorporation date 28 Dec 2016
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Investment summary

Type Equity
Valuation (pre-money) €18M
Equity offered 5.15%
Tax relief N/A
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Business highlights

  • Comino’s products are endorsed by leading hardware reviewers
  • We are accredited by global hardware giants like AMD and ASUS
  • More than 2,000 products delivered globally
  • HQ in London, R&D extending to Germany, Latvia and Russia
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Key features

  • Secondary Market
  • Seedrs nominee min. €10.80 +
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 610
  • Discussion
  • Documents

Idea

Introduction

With over fifteen years of experience in the world of hardware research and development, Comino is an international start-up specialising in the design and production of liquid-cooled PCs and servers. Our products consume up to 40% less electricity than equivalent air-cooling computers.

Priding ourselves on quality and excellence, Comino offers services to a breadth of burgeoning industries. We currently operate in AI, Forensic, Gaming, and Video Rendering, with intentions to expand our outreach in the coming year.

In the midst of such economic volatility, Comino remains resolute. The tech industry is thriving. In spite of (and perhaps thanks to) lockdown restrictions and governmental constraints, our sector is currently experiencing a marked upsurge in market performance. Ultimately, this generates an excellent potential for growth.

Substantial accomplishments to date

Since launch in 2017, Comino have sold 2,000 work stations to professional businesses, accruing sales in excess of 9m EUR.*

Comino has launched dedicated manufacturing sites for research and development purposes. We have cultivated relationships with production partners in Germany and China, allowing us to conduct inquiries into product development and progress. These investigations ensure that Comino computers remain up to 20% faster than their air-cooled counterparts.

Our product comes highly recommended. Linus Tech Tips, PC MASTER RACE, TechPowerUp, and WEPC have all endorsed Comino’s creations. We nurture excellence. We affirm superiority. We’ve galvanised support from leading industry players. GPU titan Jensen Huang (CEO of multinational technology giant Nvidia), recently testified to the potential of this type of equipment, noting: “in the future, all of our computers will be liquid-cooled!”. We’ve even been recognised by global hardware giants like AMD and ASUS.

*Based on unaudited management accounts

Monetisation strategy

North America is our target region. During our 2019 roadshows, we onboarded clients such as US retailers and US national provider for the forensic industry.

Availability and accessibility are the most important factors in the PC market. We plan to cultivate working relationships with distributors and customers across the USA and Canada, ensuring our clients gain access to our product as soon as possible.

Comino provides services to a variety of corporate clients, including AI developers, video production agencies, rendering farms, and gamers. In the next three years, we plan to receive revenue from the retail market (OTTO model line) and from professionals and corporate customers (GRANDO and DECRYPTUM* model lines).

*DECRYPTUM is a product produced by a 50% held subsidiary of the investee company. Please see the Key Information tab for further information.

Use of proceeds

Comino plans to commit 70% of proceeds to manufacturing our devices. In order to ensure that clients receive a fully-fledged product at the point of sale, we need to have produced an adequate quantity of goods before market release.

10% of proceeds will be assigned to marketing and promotional materials. This will safeguard effectual promotion and generate intrigue from prospective clientele.

Finally, 20% of pitched capital will be used to ensure that our expert teams are compensated for their invaluable support.

Key Information

Corporate structure

Investors in this round are investing into and will become shareholders of Comino Holding Limited. This is the holding company for the group.

The company 100% holds the following subsidiaries; CMNO LTD, Comino LLC, CMNO Logica SIA.

DECRYPTUM, an Estonian based company, is 50% held by CMNO LTD, and 50% held by a third party company Passware OU. IP for the Decryptum product is held by DECRYPTUM.

Outstanding debt

The company’s subsidiaries have the following outstanding loans:

1. EUR 256,000 loan to the company's subsidiary CMNO Ltd, from a shareholder. This has an interest rate of 2% per annum and is to be repaid on 31st December 2021.

2. EUR 100,000 loan to the company’s subsidiary CMNO Logica SIA, from XNT Ltd, without interest. The director of Comino is also the director of XNT Ltd. The loan is to be repaid by June 2022.

The funds raised from this investment round will not be used to repay these loans.

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If you successfully purchase a share lot of this business, you will be granted access.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from €18,000,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

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Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

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