Amira Rasool had a vision to revolutionize the fashion industry for emerging markets like Africa, Asia, and the Caribbean. In 2018, she brought that vision to life through her startup, The Folklore. The Folklore aimed to connect these brands with the global market. Four years later, in 2022, the company launched a new venture called The Folklore Connect. This new platform serves as a B2B marketplace and wholesale management software for brands to partner with major retailers, including Nordstrom. The evolution of this company has been driven by a desire to help various consumer companies, from fashion to beauty and wellness, and even beyond. Along the way, they have also facilitated partnerships between global retailers and a diverse pool of creators.
When speaking with TechCrunch, Rasool shared that The Folklore is continuously expanding their services to support brands with their growth. This includes providing resources such as capital and access to talent. This recent development came after the startup raised $3.4 million in seed funding. The funding round was led by Benchstrength, a VC firm founded by ex-General Catalyst partners Kenneth Chenault Jr and John Monagle. Existing investors, including Slauson & Co, Techstars, and Black Tech Nation Ventures, also participated. With a total funding of $6.2 million, The Folklore is now able to serve even more brands.
“The key to The Folklore’s success has been our focus on delivering what our customers truly need. We don’t want to expand too quickly and create something that may not be useful. Instead, we listen to our target brands and give them what they need the most,” Rasool explained.
One of the latest services offered by The Folklore is The Folklore Capital. Through partnerships with other companies, they provide loans of up to $1 million as working capital for brands. During the pilot phase, brands requested loans ranging from $10,000 to $30,000.
“Access to capital is a major barrier for small businesses looking to grow. This is especially true for diverse brands, who face many economic challenges. As a company with a strong focus on diversity, we wanted to provide additional resources for these brands to access the capital they need,” noted Rasool.
She continued, “This service is particularly beneficial for brands that have large wholesale orders from retailers. Many retailers have payment terms of net 30 or net 60, meaning brands have to wait 30 or 60 days for payment. Therefore, having upfront capital is crucial. That’s why we prioritized purchase order financing. We aim to promote wholesale growth and help brands hire the necessary talent to manage production, wholesale, and social media marketing.”
In addition, The Folklore offers a labor marketplace for brands that do not have the resources to hire full-time teams but need temporary talent. This marketplace features vetted talent and manufacturers recommended by The Folklore’s community of brands.
Brands can access the labor marketplace, capital, and other resources by signing up (at a cost) for the startup’s main product, the B2B marketplace and SaaS platform. With these offerings, The Folklore is making a significant impact on the fashion industry, especially for brands from emerging markets.
