By ESSENCE Editors ·Updated April 16, 2024
Amira Rasool has done it again.
After becoming one of the youngest Black women to raise $1M+ in a pre-seed round in 2022, she’s now adding a few more million to her bank account after successfully closing her $3.4M seed funding round for her fashion e-commerce platform, The Folklore.
With this new injection of capital, the brand is set to expand their platform and membership offering, which now includes the launch of The Folklore Source, The Folklore Capital, The Folklore Hub, and a lineup of in-person and virtual education and community driven events.
“At The Folklore we have been at the forefront of revolutionizing the wholesale experience for global brands, and retailers alike, by creating opportunities that drive equity, access, and inclusion,” said Amira Rasool, Founder and CEO of The Folklore.
In its sixth year of operation, the company acts as a bridge, facilitating connections between global brands, with retailers and customers. This recent funding round not only furthers this overarching objective but also broadens their network by extending membership opportunities to accommodate an even greater number of brands seeking support and community to propel their expansion efforts.
Rasool elaborates, “The expansion of our platform and community resources is a testament to our commitment to address more of the challenges our brands face, and nurture a larger community of brands that can connect, bond, and support one another during the journey. It’s hard for small businesses to build alone, and now with The Folklore, brands won’t have to.”
The round, which was led by two ex-General Catalyst partners Kenneth Chenault Jr and John Monagle, will fuel investment in new technology and community resources for its members. Existing investors Slauson & Co, Techstars, and Black Tech Nation Ventures also participated in the round.
The foundational goal to uplift brands from diverse racial backgrounds and emerging markets such as Africa, South America, Asia, and the Caribbean remains deeply ingrained within the company’s ethos. This commitment persists as membership is extended to a broader community, ensuring that the company continues to champion diversity and inclusion in its endeavors.
Starting today, The Folklore will enable brands globally to sign up for a membership for $39/month and receive instant access to the platform and community resources. With membership, brands have access to The Folklore Connect, the wholesale management software and B2B marketplace that launched publicly in 2023 and has since driven millions in wholesale revenue for its 400+ users.
Be on the lookout, because this year, The Folklore plans to host in person events in ten cities: New York, Accra, Cape Town, Johannesburg, Lagos, London, Los Angeles, Nairobi, Atlanta, and Abidjan.
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