TLDR
- Fashion tech startup The Folklore, founded by Amira Rasool, secures $3.4 million in seed funding.
- The funds will be used to develop their B2B platform for diverse and marginalized brands in the fashion industry.
Article Summary
The Folklore, a fashion tech startup founded by Amira Rasool, has recently secured $3.4 million in seed funding, bringing their total funding to $6.2 million. The funding round was led by Benchstrength, with participation from Techstars, Black Tech Nation Ventures, and Slauson and Co. This capital will be used to further develop their B2B platform, specifically focusing on empowering diverse and marginalized brands in the fashion industry.
The Folklore’s B2B offerings include The Folklore Connect, an online wholesale management platform that provides brands with user-friendly sales technology and increased discoverability through a network of global retailers. Additionally, The Folklore Capital, offered through partners, will allow brands to receive loans of up to $1 million as working capital, addressing the issue of access to capital for small businesses, particularly diverse brands.
Founder Amira Rasool highlighted that access to capital is a significant barrier for small businesses looking to scale, and The Folklore aims to bridge this gap by providing resources for diverse brands to access capital more easily. The Folklore also plans to offer additional resources, such as The Folklore Source, a freelancer and manufacturing marketplace, and The Folklore Hub, which will provide educational content and downloadable templates.
With a focus on user needs and with additional funding, The Folklore is well-positioned to expand its reach and support even more creators and brands in the fashion industry.
