Amira Rasool’s fashion tech startup, The Folklore, has recently announced securing $3.4 million in seed funding, bringing their total funding to $6.2 million.
Venture capital firm Benchstrength spearheaded this latest funding round, with contributions from Techstars, Black Tech Nation Ventures, and Slauson and Co.
The infusion of capital is earmarked for the continued development of their business-to-business (B2B) platform, aimed at uplifting diverse and marginalized brands within the fashion industry.
Among their B2B offerings is The Folklore Connect, an online wholesale management platform designed to provide brands with intuitive sales technology and increased exposure through a network of global retailers.
One notable addition to their services is The Folklore Capital, offered in collaboration with partners, which offers brands access to working capital loans of up to $1 million. Rasool revealed that a pilot program indicated most brands sought loans ranging from $10,000 to $30,000.
“Access to capital is one of the major barriers preventing small businesses from scaling,” explained founder Amira Rasool to TechCrunch. “For diverse brands, economic hurdles exacerbate this challenge, making it even more difficult to secure capital. Given that our community comprises a significant portion of diverse creators, we wanted to provide them with additional resources to access capital.”
The Folklore also plans to roll out supplementary resources for brands, including The Folklore Source, a marketplace for freelancers and manufacturers, and The Folklore Hub, offering educational content and downloadable templates.
With this fresh injection of funding and a renewed focus on meeting user needs, The Folklore is poised to expand its influence and empower even more creators and brands within the fashion industry.
