Here’s how The Folklore is poised for significant growth with its seed fundraising phase

Since it launched in 2018, initially as a retail e-commerce site, The Folklore was determined to shine a light on designers and brands with African origins. Transitioning to a wholesale platform in September 2022, the digital-first platform founded by Amira Rasool has expanded its reach to more remote corners in search of budding brands needing exposure to a global market. The Folklore just announced its fundraising efforts totaling $6.22M after securing a round of seed funding that will, among other things, fuel accessibility to even more brands on the platform. FashionNetwork.com spoke to founder Rasool on how the latest development is poised to make brands on its platform become household names.
 

For starters, the system, which currently has over 400 brand members across 40 countries, is changing its intake process to allow seamless onboarding. For a set fee of $39, brands globally can join the platform and begin using it immediately.
 
“The Folklore has always been a global company, with members across North America, South America, Africa, Asia, and the Caribbean. As we expand, it’s not only that brands from new countries can look to join, but also opens the platform for brands within our existing established regions who might not have qualified before to join our community,” Rasool explained, adding in that past, brands were vetted to see if they fit the diverse and emerging brand criteria amongst other vital elements.
 
“Before the expansion, The Folklore reviewed applications to join the platform weekly and spoke directly with each brand, which typically took 1 or 2 weeks. Now the platform is open to all consumer brands who sign up and onboard themselves in minutes,” she added.
 
“We plan on tens of thousands of brand members using the platform and our resources to grow their business and collaborate with retailers and service providers. We want thousands of big and small retailers coming to The Folklore to source and shop brands along with hundreds of service providers working with our brands as we continue expanding our technology,” Rasool said of the expansion goals.
 
Once it pivoted to wholesale, The Folklore raised $120K in accelerator funds from the Techstars in 2021, $1.7M in pre-seed from lead Slauson & Co., Fearless Fund to include WNBA star Nneka Ogwumike, Untapped Capital, Life Line Financial Group, Backbone announced in 2022, a $1M extension from Black Tech Nation Ventures, Slauson & Co, Fearless Fund and this latest round Seed Close 1 For $3.4M from Benchstrength Ventures, Slauson & Co., Black Tech Nation Ventures, Techstars for a total of $6.22M. Rasool is among the youngest Black women to raise more than $1M in a pre-seed fashion and lifestyle company and has been awarded Forbes 30 Under 30 and Vogue Business 100 Innovators: Next-gen entrepreneurs and agitators.
 
The wholesale transformation has led 25 major enterprise retailers such as Nordstrom, Shopbop, Saks Fifth Avenue, Bergdorf Goodman, and Revolve, and smaller brick-and-mortar and online boutiques such as Nkasobi and FRTWN to use their platform and attend in-person seasonal showrooms in search of new labels. One of those is V.Bellan, the Brooklyn-based brand founded by Vanessa Bellan. As an early adopter of the platform in 2022 and a participant in all three NYFW showrooms, Bellan is selling to Bergdorf Goodman, Shopbop, Revolve, Rent The Runway, and more. “Vanessa is an excellent example of how brands can use the platform for success, as well as hear retailer feedback to adapt and secure orders,” Rasool noted.
 

Forming a community amongst so many disparate brands across several time zones is no easy feat, but also on the agenda. Creating virtual and in-person community events on The Folklore platform, such as live webinars, quarterly workshops, digital community groups, and the opportunities to attend localized monthly in-person events, including mixers, dinners, co-working days, fireside chats, and panel discussions is planned.
 
Rasool and her team plan to take The Folklore on the road this year and organize in-person events in New York, Accra, Cape Town, Johannesburg, Lagos, London, Los Angeles, Nairobi, Atlanta, and Abidjan. “We also want to support brands with tools to collaborate and organize better; we’re thinking of some solutions for that,” she added.
 
Initiatives like this will also help build The Folklore Source, which is geared at helping brands, retailers, and talents to find each other. “This addition stemmed from feedback from our brands finding it difficult to find trusted talent or manufacturers that understood or were flexible to their specific needs. It was throughout the existing community, and often our team facilitating introductions, that brands could crowdsource or chat with similar brands to find options to work with,” she explained.
 
“Now The Folklore will expand upon this database whilst still keeping the same attention to vetting, with brands and users able to search by region, type of service, cost, and ownership, with the ability to search for Black-owned, Latinx-owned, Asian-owned, LGTBQ-owned, etc. After being recommended by a community user, vendors or talent will be vetted to ensure that they are fit for the brands we cater to and understand their stages of growth,” she added.
 
Along with the Source helping to form meaningful partnerships is a new initiative that will share insight and industry knowledge with members. The Folklore Hub sources expert knowledge from enterprise retail partner brands within the platform and experts from Proenza Schouler, Harper’s Bazaar, and Urban Outfitters and more who contribute to the content available to members.
 
Rasool feels strongly about this feature. “It has always been a top priority for me and the team to empower brands with knowledge and access, as not all founders have the opportunity to go to business school or fashion school to learn about the ins and outs of how to scale their company.”