The Folklore Group stated it has raised 1.7 million dollars in a pre-seed fundraising round that would enable it to build a conglomerate of B2B and consumer platforms for African and diasporic firms.
The funding round was led by Slauson & Co. and featured additional participation from Fearless Fund, Women’s National Basketball Association (WNBA) player Nneka Ogwumike, and Backbone Angels.
The financing will go towards the development and management of three platforms: The Folklore Connect, a wholesale e-commerce site, The Folklore Marketplace, a consumer shopping aggregator, and The Folklore Edit, an online media platform.
Each site is dedicated to the African and diasporic design business and carries the purpose of enabling global retailers and consumers to discover and engage with folks in that community.
“Our vision to see African brands in the hands of customers…”
Initially, the firm, which was formed by 26-year-old Amira Rasool in 2018, debuted as a multi-brand e-commerce shop for luxury and rising African designers and has since restructured to develop better options for interaction.
In a release, Rasool, who is also the founder of the group, said: “The Folklore Connect is the next stage in our goal to put African brands in the hands of people throughout the world and to offer possibilities for them that foster scalability and fuel them to compete globally.\s“
We’re using technology and community to connect businesses, customers, and partners that respect sustainability and support the new vanguard of design.”
The Folklore Connect and The Folklore Marketplace have debuted with both established and rising designers across clothes, accessories, beauty, and homeware, with the likes of Rich Mnisi, Orange Culture, and Suki Suki Naturals already accessible on the platforms.
Additionally, The Folklore Group is continuing to take applications for the next wave of brands and merchants interested in joining the queue for the Connect site.