AsomBroso Tequila

Growth Stage

Ultra-Premium Tequila


Raised to Date: Raised: $1,093,774

Aggregate Commitments $



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Equity - Common

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Rancho Santa Margarita, California


Alcohol, Tobacco, & Recreational Drugs

Tech Sector


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AsomBroso, an ultra-premium tequila company, is raising funds on StartEngine through Reg A+ crowdfunding. The company makes an ultra-premium award-winning tequila that respects tradition. The tequila is prepared with care from start to finish from the blue weber agaves grown in Amatiton, Mexico. AsomBroso Tequila was founded by Ricardo Gamarra in 2002. The current crowdfunding campaign of the company has a minimum goal of $500,000 and a maximum goal of $12,000,000. The proceeds will be used to increase the marketing efforts, expand the operations, and fund the operating capital. AsomBroso Tequila is currently sold in national chain stores like Total Wine & More and Costco and has an average reorder rate of 85%. The company has been awarded top honors, including the Best of the Best and Top Tequila in the San Francisco World Spirits Competition.

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Auditor: SetApart FS
Financials as of: 08/11/2021
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
AsomBroso Tequila 09/30/2021 StartEngine $80,000,000 $1,093,774 Equity - Common Active RegA+
AsomBroso Tequila 08/10/2021 StartEngine $0 $598,344 Equity - Common Funded Test the Waters
AsomBroso Tequila 09/29/2020 StartEngine $32,192,000 $1,069,854 Equity - Common Funded RegCF
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Analyst Report


The tequila market in the United States is booming and helping to drive sales for spirits at large. According to IWSR, “Over the past five years, volume consumption of tequila in the US, the world’s leading tequila consumption market by some margin, grew by more than 40%.” Specifically, high-end tequila is contributing to much of this growth. Though the market is massive and riddled with large incumbents, new players are making names for themselves by capitalizing on these trends.

AsomBroso Tequila produces a line of ultra-premium tequilas, one of which was awarded “Top Tequila” at the San Francisco World Spirits Competition. At this time the company offers eight tequilas aged from three months up to 12 years. In July 2020, the team also rolled out a Salted Caramel Whiskey. The liquors are available in 25 states via wholesalers including Total Wine, Costco, and Kroger. The team is not new to the online private markets, having raised more than $1 million in a previous Regulation Crowdfunding raise that KingsCrowd rated a Deal To Watch. Founded in 2002, the company has more than $20 million in lifetime sales.

AsomBroso’s current Regulation A raise on StartEngine has been rated a Neutral Deal by the KingsCrowd investment team.


AsomBroso is raising a Regulation A round via common equity and is valued at $80 million. The price score for AsomBroso is relatively low, due in part to the fact that the revenue multiple is approximately 58x. Thus, the amount of revenue the team brought in over the past year does not justify the current valuation. The industry average for alcohol companies is around 3x-to-5x, so AsomBroso is overvalued in comparison to similar companies. Additionally, $80 million is also high in comparison to other growth stage startups currently raising capital.


Globally, the market for tequila is expected to reach $14.7 billion by 2028. At this time, AsomBroso tequila is available in the US, the UK, South Korea, Japan, and Germany, giving the company a global reach. The team also plans to expand to Canada, Mexico, and Australia over the next 18 months.

Realistically, however, much of the market that AsomBroso has currently tapped into is domestic. In 2020, the market for tequila in the US sat at $9.41 billion and had a 5.8% annual growth rate. Ultra-premium tequilas make up a fraction of this market overall, further narrowing AsomBroso’s obtainable market. The company’s newly introduced line of whiskey may slightly increase market potential despite AsomBroso existing primarily in the tequila space.

Trends in the market suggest an “increasing demand for exotic and artisanal spirits,” including agave-based beverages and flavored liquors. IF this trend is accurate, the market’s growth rate could increase in the coming years. GlobeNewswire also mentions that “the high production and consumption of alcohol in developing countries will have an excellent effect on the tequila market growth.” This is especially notable, as AsomBroso has already established a global presence. Overall, the tequila market is decently sized and growing steadily. AsomBroso’s market score is around average as a result.


AsomBroso was founded in 2002 by Ricardo Gamarra. Gamarra has several past entrepreneurial ventures, including a film studio and a prep service for automotive advertising. He has little to no educational background. He is also the founder of West Coast Craft Spirits, a sister company that acts as the distributor for AsomBroso. AsomBroso is his primary focus, and he spends around 38 hours per week with the company.

President Andrew Ulmer has more than a decade of experience in the spirits space and holds a degree from the University of Southern California. The AsomBroso offering circular mentions six other employees, none of whom are listed on the raise page. LinkedIn revealed that the majority of these team members are in account management and sales.

Overall, the team is lean, and Gamarra has direct experience only with the company in question. Although he is a serial entrepreneur, no team members appear to have exits. Thus, AsomBroso’s team score is below average.


When it comes to consumer goods and products, customer reviews and awards reign supreme. AsomBroso claims a very attractive reorder rate of 85%. Generally, for e-commerce, 20-40% is considered strong. The team has also “been awarded multiple honors from the Robb Report’s ‘Best of the Best’ and ‘Top Tequila’ in the San Francisco World Spirits Competition.” Available product reviews on liquor delivery service Drizly all appear to be at or above four out of five stars. Given the awards and strong reviews, the products are clearly differentiated in a sea of incumbents. AsomBroso products also appear on several published lists of top luxury tequilas.

From a price perspective, AsomBroso is on par with its closest competitors. AsomBroso’s Gran Reserva Extra Añejo 5 Year costs $225 for 750 mL. AsommBroso’s Gran Reserva Ultra Anejo is around $115 on the site and around $123 through Drizly. Casa Dragones costs $285 for the same amount, and Alquimia Reserva de Don Adolfo Extra Añejo is a bit cheaper at $125. Overall, this range made for comparable pricing in relation to other ultra-premium brands.

Finally, the company does own patents, a notable achievement for a consumer product goods company. In sum, the high quality, low price differentiation, and strong defensibility contributed to a solid differentiation score.


AsomBroso has more than $20 million in lifetime sales. That said, the company has been in operation for nearly two decades. This revenue includes $1.37 million from the most recent fiscal year. Annual revenue growth over the past two fiscal years was up 53%. However, the company is still pre-profit. 

Performance in the form of customer feedback is strong. AsomBroso has “been awarded multiple honors from the Robb Report’s ‘Best of the Best’ and ‘Top Tequila’ in the San Francisco World Spirits Competition.” Available reviews on liquor delivery service Drizly are all above four stars.

Currently, the liquors are available in 25 states, which makes for solid geographic representation. In addition, AsomBroso is now exporting to four countries outside the US with more in the works. The revenue numbers paired with the more than $1 million in prior funds raised resulted in a decent performance score. 


Overall, the risk associated with an investment in AsomBroso is substantial. The company is largely overvalued, which contributed to investment terms risk. Additionally, the net income from the most recent fiscal year is at a loss of $232,259, which added to the cumulative financial risk. 

The founder is not fully dedicated to the company, which might be less of a concern if the team was not already so lean. Finally, the market is highly regulated. High regulation may pose some risk when attempting to expand distribution, making for a longer sales cycle.

Updates Since Last Round

AsomoBroso has two prior rounds that were conducted through the online private markets. The first launched in July 2020 and was a Regulation Crowdfunding campaign. At that time, the company was valued at just over $32 million and had $137,384 in revenue from the most recent year, down from $1,644,402 the prior fiscal year. 

During the company’s first raise, distribution was only in 11 states, compared to the 25 where products are now available. The stated goal was 26, so AsomBroso nearly met its milestone — a significant achievement in the midst of the COVID-19 pandemic. No changes appear to have been made on the management team since the 2020 raise. The team looks to be just as lean as it was this time last year.

This previous round was rated a Deal to Watch by the KingsCrowd investment team. This rating was due in part to the reasonable valuation, strong traction, and validation from top liquor judges. Overall, AsomBroso scored a 4.4 out of five in the early stage category. That rating is significantly higher than the current round, though it should be noted that the current round is in the growth stage category.

In May 2021, AsomBroso had a test the waters Regulation A round that was also tracked on the KingsCrowd site. It culminated in $598,344 in interest from 29 investors. This round was not rated, as it never left the test the waters phase. 

In sum, both the rating and the staff pick were lowered for this round of AsomBroso’s funding. This change is due almost entirely to the massive valuation hike that went largely unsubstantiated. At just over $32 million, AsomBroso was a promising investment. However, an $80 million valuation increases the risk for potential investors more than necessary.

Bearish Outlook

AsomBroso is very overvalued. During its last raise at the end of 2020, the valuation was just over $32 million. It has now more than doubled to $80 million, and there has not been nearly enough revenue growth to justify this jump. This valuation still resulted in a revenue-to-valuation multiple that is far and beyond industry averages. Additionally, the team is lean and missing core representation in legal, product, and marketing. 

The tequila market is also becoming increasingly crowded. AsomBroso faces competition in the form of established entities and newcomers. Quality differentiation alone may not be enough to compete in this space successfully. Finally, the company has a high burn rate that could lead to financial risk. At more than $19,000 in monthly burn, the team needs to ramp up sales to provide more of a safety net for investors.

Bullish Outlook

AsomBroso’s products are undoubtedly high quality. The team has won numerous awards and boasts an 85% reorder rate. AsomBroso has doubled the number of countries to which it exports products since the previous raise, and the wholesalers that sell its products are big names like Costco, Kroger, and Total Wines. Additionally, though the team is lean, the founder and president have decades of experience in the space paired with solid managerial expertise.

Expansion into whiskey could also prove to be a great play when it comes to increasing revenues over the next few years. Overall, success in this space will likely be in the form of an acquisition. Due in part to celebrity brands, the tequila and mezcal space has been hot with acquisitions in recent years. 

Executive Summary

AsomBroso is an ultra-premium, award-winning tequila brand that was founded in 2002 by Ricardo Gamarra. AsomBroso products are available in 25 US states through wholesalers including Total Wine, Kroger, and Costco. The company has been awarded top honors, including the Best of the Best and Top Tequila in the San Francisco World Spirits Competition. To date, the company has more than $20 million in lifetime sales and has recently unveiled a new whiskey.

Revenue numbers are strong, with $1.3 million of the more than $20 million in lifetime sales coming from the most recent fiscal year. The team is lean but impressive, with six total employees including president Andrew Ulmer, who has significant experience in the space. He and founder Ricardo Gamarra raised more than $1 million in a previous crowdfunding campaign. The company has massively differentiated itself when it comes to quality of products, having won several awards and claiming a reorder rate of 85%. 

That said, quality differentiation may not be enough to compete in an already crowded market. Additionally, the company is hugely overvalued at $80 million making for an unreasonable 58x revenue-to-valuation multiple. Finally, the company is burning quite a bit of capital on a monthly basis and will need to ramp up sales to mitigate this financial risk. For these reasons, AsomBroso has been rated a Neutral Deal by the KingsCrowd investment team.

For questions regarding the KingsCrowd staff pick or ratings for this company, please reach out to

Analysis written by Olivia Strobl.

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