With a fresh investment of $56 million, Texas-based bootmaker Tecovas is kicking its national expansion into a higher gear.
The company, which specializes in high-quality, high-end Western footwear, apparel, and accessories, plans to open five to seven new stores this year. No details are available about where the new locations will be.
In announcing the funding, Tecovas revealed that 2021 marked its first year for revenue above $100 million and that the fourth quarter ushered in the sale of its 1 millionth pair of cowboy boots. The company says it notched growth of 80 percent in 2021; a growth rate of at least 50 percent is projected for this year.
Since being founded in 2015, Tecovas has raised about $120 million in equity investments. Elephant led the most recent round of funding, with participation from investors such as Access Capital, Seamless Capital, and Kemmons Wilson Cos.
“Our goal at Tecovas is to build the most welcoming brand in Western,” Paul Hedrick, founder and CEO of Tecovas, says in a news release. “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,” he adds, “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.”
To help fuel growth, Tecovas recently added former Nike executive Elliott Hill to its board of directors.
Aside from its Fort Worth, Dallas, and Plano stores, Tecovas has one location each in:
- San Antonio
- Birmingham, Alabama
- Scottsdale, Arizona
- Aspen, Colorado
- Omaha, Nebraska
- Charlotte, North Carolina
- Oklahoma City
- Charleston, South Carolina
- Fairfax, Virginia