The Folklore, a company dedicated to empowering African fashion designers and marginalized communities, has successfully secured $3.4 million in seed funding to advance its business-to-business (B2B) wholesale platform. Leading the funding round is venture capital firm Benchstrength, with participation from established investors such as Techstars, Black Tech Nation Ventures, and Slauson & Co.
Established by Founder Amira Rasool in 2018 as an e-commerce retailer, The Folklore initially aimed to create economic opportunities for African fashion designers. Since its inception, the company has broadened its scope to encompass marginalized communities globally. The transition to a B2B wholesale platform has enabled The Folklore to introduce a range of new services, including The Folklore Source, The Folklore Capital, and The Folklore Hub.
Kenneth Chenault Jr., Managing Partner at Benchstrength, expressed enthusiasm about investing in The Folklore, stating, “Benchstrength is delighted to support The Folklore. We believe the company is spearheading a significant movement poised to empower and amplify the next wave of notable brands. Partnering with Amira and her team is an exciting opportunity for us.”
Rasool underscored the significance of cultivating investor relationships, highlighting that Benchstrength’s investment stemmed from her initial connection with Chenault. She emphasized the importance of keeping investors apprised of the company’s advancements, ultimately influencing Benchstrength’s decision to invest.
The expansion of The Folklore and the introduction of new services were informed by feedback from brand partners. Rasool and her team engaged brand partners to identify specific areas requiring assistance, leading to the conceptualization of The Folklore Source, The Folklore Capital, and The Folklore Hub.
Brands can enroll in The Folklore membership for $39 per month, granting access to the platform and its resources, as outlined in the press release. The commitment of The Folklore to bolstering emerging brands is evident in its dedication to providing technology and education to empower marginalized groups in managing successful brands.
“We are positioning ourselves as a comprehensive solution for brands to access technology that streamlines processes, enhances sales, and fosters growth,” Rasool remarked. “While our focus remains on emerging brands, we are continuously enhancing our technology to support brands as they mature and expand.”
The infusion of capital will fortify The Folklore’s strategic shift in 2022 from being solely an e-commerce platform specializing in African fashion brands to a B2B venture facilitating the entry of emerging brands into retail spaces.
“As a smaller enterprise, we recognized the need to concentrate on one significant avenue to ensure success,” Rasool explained. “Thus, we opted to prioritize the B2B path, enabling us to make a more substantial impact on the brands we support.”
Established in 2018 and headquartered in New York City, The Folklore has now raised a total of $6.2 million in funding, with $2.8 million raised across two pre-seed rounds.