The Folklore Raises $3.4 Million Seed Round, Announces New Platform and Membership Expansion
The Folklore is leading a global movement for brands to learn, connect, sell, and thrive as a community. The Folklore provides brands with technology, education, and community resources to grow their business and enables retailers and service providers to collaborate better with brands.
April 17, 2024 [New York, NY] — The Folklore today announced the expansion of their platform and membership offering, which 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. These new changes coincide with the company’s plans to widen their community by opening up membership to support more global brands looking for resources and community to drive their growth.
The announcement comes on the heels of the company closing a $3.4m seed funding round led by Benchstrength, which is headed by two ex-General Catalyst partners Kenneth Chenault Jr and John Monagle. Existing investors Slauson & Co, Techstars, and Black Tech Nation Ventures also participated in the round. The latest announcement brings The Folklore’s total amount raised to $6.2m. The seed round will fuel investment in new technology and community resources for its members. Notably in 2022, founder Amira Rasool marked a key milestone of being one of the youngest Black Women to raise $1m+ in a pre-seed round.
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. In addition to Connect, with a single login, brands have access to The Folklore Source, a vetted freelancer and manufacturing talent marketplace, The Folklore Capital, a loan matchmaker for PO financing and working capital, and The Folklore Hub, a resource center with exclusive educational content and downloadable templates.
Community and educational events will now be a core offering for members joining The Folklore. Members have access to monthly live webinars, quarterly workshops, digital community groups, and the opportunity to attend monthly in person events, including mixers, dinners, co-working days, fireside chats, and panel discussions. 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.
The expansion of technology and community resources addresses a need for easy to use management and sales technology, and a gap in educational, financial, and community support small brands struggle to access at various stages of business. The Folklore will continue to serve brands producing apparel, accessories, beauty, and home products and now welcomes wellness, hygiene, and kids & baby brands into the fold. Its original core mission to empower racially diverse brands and brands in emerging markets like Africa, South America, Asia, and the Caribbean remains a strong part of the company’s DNA, even as membership becomes accessible to a larger community.
“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. “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 Folklore’s boutique retailers and 23 enterprise retail partners, which includes retail giants Nordstrom, Shopbop, Saks Fifth Avenue, Bergdorf Goodman, and Revolve, can continue to discover and shop a vetted selection of diverse and emerging market brands through a curated shopping feature on the platform and during The Folklore’s in-person seasonal showrooms. With the launch of Source, brands themselves can discover a larger community of diverse and emerging market service providers, and filter results by identity, values, and location.
The spotlight on economically empowering historically marginalized communities will always remain a cornerstone of The Folklore’s vision.
“Benchstrength is thrilled to invest in The Folklore,” said Kenneth Chenault Jr. Partner at Benchstrength. “We believe the company is building a powerful movement that will help power and scale the next great brands. We are very excited to partner with Amira and her team.”
About The Folklore
The Folklore is leading a global movement for brands to learn, connect, sell, and thrive as a community. In supporting this mission, The Folklore provides global brands with technology, education, and community resources to grow their business and enables retailers and service providers to collaborate better with brands.
The company’s software and marketplace technology help global brands manage and grow their wholesale business, source talent, and access capital, while enabling retailers and service providers to discover and work with a more diverse and global network of brands.
In addition to technology, brands have access to educational content and community events designed to help navigate their business from inception through the growth stage. Monthly in person and digital programming and community groups are designed for brands to connect, support, and build together.
About Benchstrength
Benchstrength is an early stage venture capital firm focused on investing in technology companies that transform business and uplift communities. Based in NYC, Benchstrength invests in software and technology-enabled businesses across enterprise, consumer, fintech, and healthcare. The firm is committed to building, cultivating, and re-architecting networks in a way that expands access to innovation and builds a more diverse, equitable, and inclusive entrepreneurial ecosystem.