Western Brand Tecovas Raises $56 Million in Funding
Western Brand Tecovas Raises $56 Million in Funding
Tecovas, a six-year-old, direct-to-consumer western brand with a portfolio of 20 retail stores, has secured $56 million in Series C funding led by Elephant. Other participating investors in the round were Access Capital, Seamless Capital, and Kemmons Wilson Companies. The Austin-based company, headed by Founder and CEO Paul Hedrick, has raised approximately $120 million since its inception.
In surpassing $100 million in FY21 revenues and selling its 1 millionth pair of cowboy boots in Q4/21, Tecovas turned a profit as total sales jumped more than 80 percent. Company financial objectives for FY22 include more than 50 percent topline growth and the opening of 5-7 additional storefronts to sell its western boots, apparel, and accessories.
“…We plan to use the proceeds from this round of funding to continue on that trajectory,” noted Hedrick. “Investing significantly in hiring, expanding our retail footprint, buying more inventory, and launching many new products.”
%20(1).jpg)
.svg)