A year after opening its first retail store, Austin-based cowboy bootmaker Tecovas has raised $15 million, according to a securities filing.
The investment is part of a planned $20 million funding round, according to a filing with the U.S. Securities and Exchange Commission.
Tecovas’ Austin store is in a mixed-use project at 1333 S. Congress Ave. The company also moved its corporate headquarters to the same location.
The three-story development is called Saint Vincent, after the St. Vincent de Paul thrift store that previously occupied the space.
Houston native Paul Hedrick founded Tecovas in Austin in 2015. The city is "a great hub to build a boot brand. It's tech savvy, but it's also a cowboy boot town," Hedrick told the American-Statesman in a previous interview.
Tecovas cowboy boots are designed in Austin and crafted in Leon, Mexico, in one of the oldest bootmaking factories in the world by a team of artisans. Using a more than 200-step process, each boot is made using custom tanned leathers.
Before opening the Austin store, the company generated all its revenue from sales over its website.
Since opening the Austin store, Tecovas has opened stores in Dallas, Houston, San Antonio and Oklahoma City.
Hedrick said the new funding will allow the company to continue its expansion.
"We have plans to open at least ten stores this year. Our retail stores have proven not only to be profitable - but, more importantly, they’re great experiences for our customers," he said. "In our commitment to create the best customer experience in the western category, we are excited to meet our customers in person."
Tecovas is one of a number of retailers that were initially online-only before embarking on a brick-and-mortar expansion. San Francisco-based footwear brand Allbirds, which also launched on the web, opened a store on South Congress last month.
The new funding follows a $24 million investment that Tecovas raised in 2018 to fuel its growth.
Hedrick said in an interview last year that Tecovas posted more than $10 million in revenue by its second year in business, and tripled revenue to $30 million in 2018.