These boots are made for lending

Texas brand raises $56M to expand retail stores

National /
Jan.January 13, 2022 11:35 AM
1333 South Congress Avenue in Austin, Texas and Tecovas CEO Paul Hedrick (Google Maps, Twitter)
1333 South Congress Avenue in Austin, Texas and Tecovas CEO Paul Hedrick (Google Maps, Twitter)

A Texas cowboy-boot maker is betting its stores will walk all over US retail.

Austin-based company Tecovas raised $56 million to expand its brand, the Austin American-Statesman reported. Much of that expansion will involve investing in retail stores across the country.

Venture capital firm Elephant, founded by Warby Parker co-founder Andy Hunt, led the investment. Access Capital, Seamless Capital and Kemmons Wilson Companies were also part of the deal.

Tecovas founder and CEO Paul Hedrick said that the company had $100 million in revenue and turned a profit last year. Tecovas has raised a total of $120 million to date.

The company was founded in 2015 and initially sold its handmade boots only online. It opened its first store, at 1333 South Congress Avenue in Austin, in 2019. Not unlike Warby Parker, Tecovas offers retail outlets for buyers to try on its wares, get customer service and otherwise experience its brand. Purchases are still made online.

Tecovas now operates 19 stores in 10 states and will open its 20th location in northern Virginia Friday. In the fourth quarter of 2021, it sold its one millionth pair of cowboy boots.

The boots are designed in Austin and made in Leon, Mexico, by artisans using a 200-step process and custom tanned leathers.

While the company still makes 60 percent of its revenue online, Hedrick said he is counting on growing sales from new stores. The company will use the new funding to open five to seven stores in 2022. ​​It will also expand its line with other styles of footwear, apparel and accessories.

The company will move its corporate headquarters from its South Congress site to a 23,000-square-foot space in the WeWork building at 801 Barton Springs Road. Its flagship store on South Congress will remain open.

Tecovas is also betting, a little, on office space in 2022. The company has 90 corporate employees and 400 employees in retail and other roles. This year, It aims to increase the number of employees working at its headquarters to 140. Those employees work in areas such as product development, operations, marketing, finance, law, accounting and human relations.

[AAS] — Cindy Widner





    Related Articles

    arrow_forward_ios
    Burbank Theater in San Jose (Loopnet)
    San Jose’s historic Burbank Theater sells to local investor
    San Jose’s historic Burbank Theater sells to local investor
    Rendering of Oceanwide Center in San Francisco (Foster + Partners)
    Oceanwide Center in SF up for sale once again
    Oceanwide Center in SF up for sale once again
    Charleston Plaza at 2398 E. Charleston Road with Mountain View Mayor Lucas Ramirez (Facebook via Charleston Plaza, MountainView.gov)
    As retailers exit Mountain View mall, mayor eyes short-term community benefits
    As retailers exit Mountain View mall, mayor eyes short-term community benefits
    Renderings of the A's new ballpark, the A’s president Dave Kaval and Margaret Gordon with West Oakland Environmental Indicators Project (Getty, MLB, WOEIP)
    Oakland A’s waterfront ballpark gets planning nod on environment
    Oakland A’s waterfront ballpark gets planning nod on environment
    Carl Guardino, executive vice president, government affairs and policy, Bloomenergy (LoopNet, Bloomenergy)
    Bloom Energy expands lease to fully occupy north San Jose office building
    Bloom Energy expands lease to fully occupy north San Jose office building
    Fran Horowitz (chief executive officer, Abercrombie & Fitch) (Google Maps, Abercrombie & Fitch)
    A&F shutters Market Street in SF, citing online shopping
    A&F shutters Market Street in SF, citing online shopping
    (Google Maps)
    Site near downtown San Jose with redevelopment potential sells for $22M
    Site near downtown San Jose with redevelopment potential sells for $22M
    SF sees 15% of office workers WFH permanently, spelling uncertainty for taxes
    SF sees 15% of office workers WFH permanently, spelling uncertainty for taxes
    SF sees 15% of office workers WFH permanently, spelling uncertainty for taxes
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...