Venture capital company Benchstrength led the seed fundraising round, with participation from investors Slauson & Co., Techstars, and Black Tech Nation Ventures.
The company’s 2022 strategic shift from being an e-commerce platform that catered to global customers selling clothes from African and diasporic labels to becoming a business-to-business enterprise that assisted emerging firms in breaking into retail spaces will be reinforced by the infusion of funds.
“Brands would come to me for advice on how to expand their footprint, how to get a loan or how to recruit talent on this side of the world,” said Amira Rasool, founder and chief executive of The Folklore. “As a small company, we can’t do two big things and be successful. So, we decided to focus on the B2B route so that we can make a larger impact on our brands.”
The Folklore’s new focus will involve expanding on the wholesale management software, technology, and platform it introduced two years prior to assist in linking brands with partner stores worldwide, including Saks Fifth Avenue, Nordstrom, Bergdorf Goodman, and others. In addition, the company is introducing a platform for hiring talent, a service that lets businesses apply for purchase order financing and open credit lines, and an entrepreneurial resource center.
Established in 2018, New York City With this recent investment, The Folklore has raised $6.2 million in total, having raised $2.8 million in two pre-seed rounds.