CONVO is building the first globally recognised brand in the ultra-premium made-to-order sofa segment — a $4.2B market with no dominant DTC player.
DTC · Direct to ConsumerMade to Order · Zero Inventory Risk64% Gross MarginHandcrafted in PortugalWorldwide White-Glove Delivery
TTM Revenue
$2.1M
↑ 118% YoY
Gross Margin
64%
↑ +4pts vs prior year
Avg. Order Value
$41K
↑ 22% YoY
Units Commissioned
51
TTM · No returns
Why CONVO Wins
A category with pricing power and no incumbents
The ultra-luxury furniture segment is fragmented, opaque, and dominated by showrooms with no online presence. CONVO owns the direct-to-consumer channel with a product no one can easily replicate.
01
Defensible Design Moat
The Convo's modular architecture, proprietary joinery system, and Lisbon atelier relationship create structural barriers to imitation. The form is patented across EU, US, and UK.
0 direct design copies to date
02
Zero Inventory Model
Every unit is commissioned before it is built. A 30% deposit is collected at order. CONVO carries no inventory risk — cash flow is structurally positive from unit one.
$0 inventory on balance sheet
03
Inelastic Demand
The $33K+ buyer is not price-sensitive. We raised base price 12% in 2024 with zero drop in conversion rate. Pricing power is a structural advantage, not an assumption.
12% price increase · 0% churn
04
Word-of-Mouth Flywheel
68% of new commissions in 2024 originated from a referral or organic social discovery — a product this visible generates its own pipeline. CAC is structurally low and falling.
$1,240 blended CAC · down 31% YoY
Revenue Growth
From zero to $2.1M in under three years.
Organic growth, no paid acquisition budget to date. Current raise will fund a second showroom and a trade/designer programme — both of which have demonstrated strong conversion in pilot.
2022
$148K · 4 units
Launch
2023
$490K · 13 units
+231%
2024
$2.1M · 51 units
+328%
2025
$4.8M · 115 units (proj.)
Projected
2026
$8.4M · 200 units (proj.)
Projected
LTV : CAC Ratio
33×
Average customer lifetime value vs. blended acquisition cost. Best-in-class for luxury DTC.
Repeat & Referral Rate
68%
Of 2024 commissions originated from a referral or organic channel — no paid media.
Inquiry-to-Order Rate
38%
Of qualified inquiries convert to a commission — driven by the white-glove design consultation process.
Return Rate
0%
Zero returns across all 68 units delivered to date. Made-to-order eliminates misaligned expectations.
Market Opportunity
A fragmented $4.2B market with no DTC leader
The global ultra-luxury furniture segment ($30K+ per piece) is growing at 9.4% CAGR, driven by new construction, interior design culture, and a growing HNW population. No single DTC brand owns it.
Legacy players like Minotti and B&B Italia sell through showrooms and wholesale, leaving the direct channel wide open. CONVO is positioned to own it before anyone else moves.
Global TAM
$4.2B
Ultra-luxury sofas ($30K+), global annual market size
CAGR
9.4%
Projected growth through 2030 (Euromonitor, 2024)
SAM (DTC, English)
$680M
US, UK, AUS, Canada — primary addressable channel
Current Share
0.03%
Enormous white space — even 1% SAM = $6.8M revenue
Competitive Landscape
Minotti / B&B ItaliaWholesale only
Restoration Hardware (RH)Mass luxury
Bespoke atelier studiosNo brand scale
1stDibs resellersNo DTC story
CONVODTC + brand + craft
CONVO is the only ultra-luxury sofa brand combining direct consumer ownership, a recognisable iconic form, and handcraft provenance under one roof.
◈
Gross Margin
64%
Per unit after materials, artisan labour, and white-glove delivery. Expands to ~68% at 150+ units/year through atelier efficiency gains.
◎
Break-Even
35 units
Annual break-even at current fixed cost base ($730K OpEx). We are operating above break-even as of Q3 2024.
◉
Use of Raise
$3.5M
2nd showroom (NYC) · Trade programme launch · 3 additional design consultants · Brand editorial investment. 18-month runway to Series A metrics.
Business Model Canvas
How the business works, at a glance.
A snapshot of the nine building blocks behind CONVO — the partnerships, activities, and revenue streams that make a single-product luxury brand work.
CONVO sits in a deliberate gap between mass-market modular sofas and one-off bespoke makers. Pricing, product, and channel together create a defensible position.
CONVO
RH Cloud
B&B Italia
Roche Bobois
West Elm
Positioning
Ultra-luxury, single SKU
Mass-premium catalogue
Designer modular
Bespoke configurator
Mass-market
Starting price
$29,999
$14,995
$22,800
$11,500
$3,198
Made to order
Yes — every unit
No — inventoried
Partial
Yes
No
Limited per owner
Yes — 1 per buyer
No
No
No
No
Distribution
DTC + 1 showroom
30+ galleries
50+ dealers
250+ stores
120+ stores
Gross margin
~64%
~42%
~48%
~45%
~38%
Inventory carried
$0
Heavy
Heavy
Moderate
Heavy
3D / AR experience
Yes — model-viewer + AR
No
No
Limited
Yes
2.1×
higher unit margin than the closest premium competitor — driven by single-SKU efficiency.
$0
in working capital tied up in inventory. Cash-flow positive from the first commission.
0
direct competitors offering a single-SKU, limited-per-owner luxury sofa with DTC channel.
Financials · Pro Forma
Three-year outlook built on signed commissions.
Actuals through 2024; 2025–2027 projected based on current order book, raise deployment, and conservative atelier capacity (40 units / quarter at full ramp).
USD
2023 Actual
2024 Actual
2025 Projected
2026 Projected
2027 Projected
Revenue
Units sold
22
62
118
180
240
Average order value
$31,200
$33,490
$34,800
$36,200
$37,500
Net revenue
$686K
$2.08M
$4.11M
$6.52M
$9.00M
Costs & Margin
COGS
($268K)
($749K)
($1.48M)
($2.28M)
($3.06M)
Gross profit
$418K
$1.33M
$2.63M
$4.24M
$5.94M
Gross margin
61%
64%
64%
65%
66%
Operating expenses
Marketing & brand
($82K)
($210K)
($430K)
($560K)
($680K)
Salaries & G&A
($310K)
($520K)
($1.05M)
($1.42M)
($1.75M)
Showroom & ops
($48K)
($120K)
($380K)
($510K)
($620K)
Total OpEx
($440K)
($850K)
($1.86M)
($2.49M)
($3.05M)
Bottom line
EBITDA
($22K)
$480K
$770K
$1.75M
$2.89M
EBITDA margin
-3%
23%
19%
27%
32%
Cash burn / (gain)
($180K)
$310K
$610K
$1.55M
$2.60M
Projections assume deployment of $3.5M Seed raise across NYC showroom (Q3 2025), trade programme (Q1 2026), and three additional design consultants. Revenue dip in 2025 EBITDA margin reflects one-time showroom build-out.
Why Now
Three tailwinds converging
Interior Design Culture
Design-literacy has gone mainstream via Instagram, Architectural Digest, and Netflix interiors content. The buyer who would previously have gone to a showroom is now researching online first. CONVO owns that moment.
HNW Population Growth
The global UHNW population grew 4.2% in 2024 (Wealth-X). New wealth in tech, finance, and real estate is actively building statement homes — and spending accordingly. Our core buyer segment is expanding.
Post-Pandemic Home Investment
The home as identity has permanently shifted. High-net-worth buyers are allocating more to interiors than pre-2020. Furniture spend among $1M+ homeowners is up 34% since 2021 (1stDibs, 2024).
We are raising a $3.5M Seed round.
CONVO is seeking strategic capital partners who understand brand-building in the luxury segment. We are oversubscribed at 60% — closing Q2 2025.
Full financials, cap table, and atelier documentation available under NDA
Round Size
$3,500,000 Seed
Instrument
SAFE · Post-money valuation cap
Valuation Cap
$18,000,000
Round Status
60% subscribed · Closing Q2 2025
Lead Contact
invest@convo.co
This document contains forward-looking statements and projections based on current expectations. Projected figures (2025–2026) are illustrative and not guaranteed. All financial metrics marked as TTM refer to the twelve months ending December 2024. This document is confidential and intended solely for the named recipient. Not an offer to sell securities.