Total amount raised
$105.4 Millions
Latest funding date
01/01/2022
Location
Tecovas has successfully raised funds through multiple rounds, with the latest being a Series C round closed on January 12, 2022. The company has attracted a diverse group of 11 investors, including Access Capital and Kemmons Wilson Companies.
Keep reading to explore the intricacies of Tecovas' fundraising journey and the investors backing this direct-to-consumer western-wear brand.
What Is Tecovas?
Tecovas, founded in 2015 by Paul Hedrick, is a direct-to-consumer western-wear company based in Austin, Texas. The company specializes in handmade men's and women's western boots, partnering with a third-generation boot maker to ensure quality and craftsmanship.
Operating in the direct sales, e-commerce, and fashion industries, Tecovas has grown significantly, employing between 501 and 1000 people. The brand also offers a variety of western apparel, accessories, and leather goods, emphasizing both quality and comfort in their products.
How Much Funding Has Tecovas Raised?
- Convertible Note
- Amount Raised: Not specified
- Date: December 2015
- Lead Investors: Not specified
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure initial capital for product development and market entry.
- Seed Round
- Amount Raised: Not specified
- Date: October 2015
- Lead Investors: Not specified
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund early-stage operations and initial product launch.
- Seed Round
- Amount Raised: $1.8M
- Date: October 2016
- Lead Investors: Blue Collective, Brian Spaly
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale marketing efforts.
- Seed Round
- Amount Raised: $2.6M
- Date: October 2017
- Lead Investors: YETI Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support retail expansion and increase inventory.
- Series A
- Amount Raised: $30M
- Date: June 2019
- Lead Investors: Elephant
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance e-commerce capabilities.
- Series B
- Amount Raised: $15M
- Date: February 2020
- Lead Investors: Plus Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the retail footprint and launch new product lines.
- Series C
- Amount Raised: $56M
- Date: January 2022
- Lead Investors: Elephant, Access Capital, Seamless Capital, Kemmons Wilson Companies
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations, hire more staff, and expand the retail footprint.
Total Amount Raised: $105.4M
Current Valuation: Not publicly disclosed
Key Investors
- Elephant
- Details: Elephant is a venture capital firm that focuses on early-stage and growth-stage investments. They have been involved with Tecovas since the Series A round.
- Investment Focus Areas: Technology, consumer companies.
- Notable Investments: Scopely, Allbirds, Warby Parker.
- Access Capital
- Details: Access Capital is a private equity firm that provides growth capital to middle-market companies. They participated in Tecovas' Series C funding round.
- Investment Focus Areas: Consumer products, healthcare, technology.
- Notable Investments: Not specified.
- Seamless Capital
- Details: Seamless Capital is a venture capital firm that invests in early-stage and growth-stage companies. They joined Tecovas' Series C funding round.
- Investment Focus Areas: Technology, consumer sectors.
- Notable Investments: Not specified.
- Kemmons Wilson Companies
- Details: Kemmons Wilson Companies is a private investment firm with a diverse portfolio. They participated in Tecovas' Series C funding round.
- Investment Focus Areas: Real estate, hospitality, consumer products.
- Notable Investments: Not specified.
- Blue Collective
- Details: Blue Collective is a venture capital firm that invests in early-stage companies. They were key investors in Tecovas' 2016 seed round.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Not specified.
What's Next for Tecovas?
With $56 million in Series C funding, Tecovas is poised to expand its retail footprint by opening 5-7 new stores in 2022. This growth is complemented by plans to introduce new products and increase inventory, aiming to capture a larger market share in the western wear industry. The company also intends to hire additional staff, particularly at its Austin headquarters, to support this expansion.
Future fundraising opportunities appear promising, given the strong investor interest and Tecovas' impressive revenue growth, which surpassed $100 million in 2021. The company’s ability to attract further investment will be crucial as it scales operations and navigates the competitive landscape of the western footwear and apparel market.
However, Tecovas may face challenges such as managing rapid expansion, maintaining product quality, and balancing e-commerce with brick-and-mortar sales. Additionally, supply chain issues and economic fluctuations could impact their growth trajectory. Despite these hurdles, the company’s focus on high-quality craftsmanship and direct-to-consumer sales positions it well for continued success.
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