Folklore Group is using technology to empower African design brands and has raised $1.7M in pre-seed capital to help it expand.
Folklore Group just launched three new products following the fundraise. These include The Folklore Marketplace, The Folklore Edit and The Folklore Connect. This will allow it to reach greater global scale and elevate the status of African and diaspora designer brands around the globe.
Folklore’s funding round was led by Slauson & Co., a Los Angeles-based VC firm focused on early-stage technology investments. The Fearless Fund, along with other prominent Black angel investors, participated in Folklore’s funding round. Nneka Ogwumike (WNBA star) was also a participant.
Folklore was started by Amira Rasool, in 2018. The mission of Folklore has been to empower creators. It uses technology to connect brands to global partners and customers that value sustainability.
Rasool was inspired by the desire to bridge the gap between innovative brands and direct connections with consumer platforms.
Folklore Group is opening new markets for luxury and emerging brands in Africa and around the globe. They also meet growing demand from retailers who value diversity and inclusion.
In this next phase of the company, Folklore is utilizing technology to provide the industry’s next frontier of brands with access to opportunities that encourage scalability and fuels them to compete globally. The fashion company’s vision is to see its brands sold in retail stores around the world.
Folklore Connect will be the first wholesale ecommerce platform, allowing retailers to find and shop top African designer brands online. Folklore’s original consumer shopping platform has now been converted to The Folklore Marketplace, a shopping aggregator that provides global customers with one central location to discover products from African and diasporic designer brands sold across multiple e-commerce sites.
On the other hand, The Folklore Edit, the new iteration of the company’s editorial blog, will serve as an online media platform that provides in-depth industry analysis, interviews and news related to the design industry in Africa and the diaspora.