Securing $3.4 Million In Seed Funding, The Folklore Aims To Empower Marginalized Communities, Empower African Fashion Designers, And Expand Its B2B Wholesale Platform.

The Folklore, a firm that empowers underprivileged communities and African fashion designers, has raised $3.4 million in seed money to grow its business-to-business (B2B) wholesale network. Lead investors in the investment round were Techstars, Black Tech Nation Ventures, Slauson & Co., and venture capital company Benchstrength.

African apparel designers were given economic prospects when founder Amira Rasool opened The Folklore in 2018 as an online boutique. The business has now reached out to underserved populations all across the world. Offering a number of additional services, such as The Folklore Source, The Folklore Capital, and The Folklore Hub, has been made possible by The Folklore’s pivot to a B2B wholesale platform.

Kenneth Chenault Jr., managing partner of Benchstrength, stated, “Benchstrength is thrilled to invest in The Folklore.” “We think the business is creating a strong movement that will support and grow the next big names in the industry. We can’t wait to work with Amira and her group.

Rasool underlined the value of cultivating connections with investors, pointing out that Benchstrength’s investment was made subsequent to her initial communication with Chenault. In the end, her emphasis on the importance of updating investors on the company’s development influenced Benchstrength’s decision to make an investment.

Brand partners’ comments fueled Folklore’s growth and the introduction of new services. After asking brand partners what areas they were particularly in need of assistance, Rasool and her team created The Folklore Source, The Folklore Capital, and The Folklore Hub.

As per the news statement, marketers can obtain access to The Folklore platform and its resources by subscribing to a $39 monthly subscription. The Folklore’s emphasis on offering technology and knowledge to enable underrepresented communities in running successful brands is indicative of its dedication to supporting up-and-coming brands.

According to Rasool, “We are positioning ourselves as a one-stop shop for brands to access technology that can increase their sales, streamline their processes, and help them grow.”

“We continue to develop our technology to support businesses as they expand and gain more traction, even as we serve up-and-coming brands.”

The funding infusion will support The Folklore’s 2022 transition from an online store that specializes in selling clothing from African labels to a business-to-business enterprise that facilitates the entry of up-and-coming businesses into retail spaces.

“We can’t do two big things and be successful as a small company,” Rasool remarked. “Therefore, in order to have a greater influence on our brands, we have chosen to concentrate on the B2B route.”

The Folklore is located in New York City and was founded in 2018. After receiving $2.8 million in two pre-seed rounds, the company’s total fundraising currently stands at $6.2 million with this latest investment.

Content courtesy of The Folklore, More Branches & NFH Digital Team