Tecovas, an Austin, TX-based Western footwear, apparel and accessories brand, announced 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 funding, 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, 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 said it achieved two milestones in 2021—$100 million-plus revenue and the sale of its one-millionth pair of cowboy boots in Q4 2021. The company also said it grew “over 80 percent in 2021” and plans to open another 5-to-7 stores, with an anticipated 50 percent-plus growth in 2022.