Tecovas, an Austin-based western footwear, apparel, and accessories brand, has secured 56 million dollars in Series C funding, bringing the brand’s total lifetime equity funding to approximately 120 million dollars. The Series C was led by Elephant, who also led Tecovas’ Series A and Series B, and joined by new and existing investors, including Access Capital, Seamless Capital, and Kemmons Wilson Companies.
“Our goal at Tecovas is to build the most welcoming brand in western,” said Paul Hedrick, founder and CEO of Tecovas, in a statement. “This latest funding will allow us to scale our vision and welcome even more customers to the brand. We’ve seen rapid growth since Tecovas’ launch in 2015, and we plan to use the proceeds from this round of funding to continue on that trajectory, investing significantly in hiring, expanding our retail footprint, buying more inventory, and launching many new products.”
In addition to the funding, Tecovas recently achieved two notable milestones that speak to the company’s significant growth. First, 2021 was the first 100 million dollar revenue year for the brand, and secondly, it celebrated the sale of its 1 millionth pair of cowboy boots in Q4 2021. The profitable brand - which grew over 80 percent in 2021 - is showing no signs of slowing down in 2022 or beyond, as it plans to open another 5-7 stores and notch over 50 percent growth in 2022.
Launched in 2015, Tecovas started with the goal of providing customers with quality cowboy boots. While the brand was born out of a love for cowboy boots, they have expanded to include a broad array of western-inspired apparel and accessories.