The Folklore, a company focused on empowering African fashion designers and marginalized communities, has secured $3.4 million in seed funding to expand its business-to-business (B2B) wholesale platform. The funding round was led by venture capital firm Benchstrength, with participation from existing investors Techstars, Black Tech Nation Ventures, and Slauson & Co.
Founder Amira Rasool launched The Folklore in 2018 as an e-commerce retailer to provide economic opportunities for African fashion designers. Since then, the company has expanded its reach to include marginalized communities worldwide. The pivot to a B2B wholesale platform has allowed The Folklore to offer a range of new services, including The Folklore Source, The Folklore Capital, and The Folklore Hub.
“Benchstrength is thrilled to invest in The Folklore,” said Benchstrength Managing Partner Kenneth Chenault Jr. “We believe the company is building a powerful movement that will help power and scale the next great brands. We are very excited to partner with Amira and her team.”
Rasool emphasized the importance of nurturing relationships with investors, noting that Benchstrength’s investment came after she had initially connected with Chenault. She highlighted the value of keeping investors informed about the company’s progress, which ultimately led to Benchstrength’s decision to invest.
The Folklore’s expansion and the launch of new services were driven by feedback from brand partners. Rasool and her team asked brand partners which specific areas they needed support in, leading to the development of The Folklore Source, The Folklore Capital, and The Folklore Hub.
According to the press release, brands can sign up for membership for The Folklore for $39 per month, gaining access to the platform and its resources. The Folklore’s commitment to supporting emerging brands is evident in its focus on providing technology and education to help marginalized groups run successful brands.
“We are positioning ourselves as a one-stop shop for brands to access technology that can streamline their processes, increase their sales, and help them grow,” Rasool said. “While we cater to emerging brands, we are also continuing to build our technology to support brands as they grow and become more established.”
The capital injection will strengthen The Folklore’s pivot in 2022 from being an e-commerce site specialized in selling fashion from African brands to a business-to-business venture helping emerging brands enter retailers.
“As a small company, we can’t do two big things and be successful,” Rasool said. “So, we decided to focus on the B2B route so that we can make a larger impact on our brands.”
Founded in 2018, The Folklore is based in New York City. With its latest investment, the company’s total fundraising now stands at $6.2 million, having raised $2.8 million across two pre-seed rounds.
