Tecovas Secures $56 Million in Series C Funding
The funding marks the latest notable milestone for Tecovas, which in 2021 celebrated its first nine-figure sales year as well as its 1 millionth pair of cowboy boots sold
AUSTIN, Texas, Jan. 12, 2022 /PRNewswire/ -- Tecovas, an Austin-based western footwear, apparel, and accessories brand, announced today that it has secured $56 million in Series C funding, bringing the brand's total lifetime equity funding to approximately $120 million.
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. "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+ 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% in 2021 - is showing no signs of slowing down in 2022 or beyond, as it plans to open another 5-7 stores and notch 50%+ growth in 2022.
Launched in 2015, Tecovas is driven by time-honored craftsmanship, rich materials that last, and traditional styling that always looks good. While the brand was born out of a love for cowboy boots, as the company has grown, Tecovas has expanded its lineup to include a broad array of western-inspired apparel and accessories. For more information about Tecovas, please visit www.tecovas.com.
About Tecovas
Tecovas is an Austin, Texas-based retail brand focused on designing the world's best western footwear, apparel, and accessories and selling them directly to customers for a fair price. Founded in 2015, the brand has grown rapidly over the last few years in its mission to build the most beloved heritage western brand in the world. Visit www.tecovas.com or any one of Tecovas' 20 U.S. retail stores to see more.
SOURCE Tecovas
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