Folklore Group secures $3.4m to scale fashion e-commerce platform
TLDR
- The Folklore secures $3.4 million seed funding for B2B wholesale expansion led by Benchstrength.
- Founded by Amira Rasool in 2018, The Folklore aims to empower African fashion designers and global marginalized communities.
- Transition to B2B wholesale introduces new services like The Folklore Source, Capital, and Hub for industry growth.
The Folklore has secured $3.4 million in seed funding to facilitate the expansion of its business-to-business (B2B) wholesale platform. The funding round was led by venture capital firm Benchstrength, with participation from existing investors such as Techstars, Black Tech Nation Ventures, and Slauson & Co.
Founded by Amira Rasool in 2018, The Folklore initially operated as an e-commerce retailer with the primary objective of creating economic opportunities for African fashion designers. Over time, the company has broadened its scope to encompass marginalized communities globally.
The transition to a B2B wholesale platform marks a strategic pivot for The Folklore, enabling the introduction of a diverse array of new services. These include The Folklore Source, The Folklore Capital, and The Folklore Hub, which collectively enhance the company's ability to foster growth within the fashion industry.
Key Takeaways
Startups focused on African fashion are tapping into a growing global demand for African designer goods, riding on e-commerce. Africa’s e-commerce opportunity is estimated to be $19.8 billion, and in terms of general e-commerce activities on the continent, McKinsey & Company estimates consumer spending to reach $2.1 trillion by 2025. That presents an opportunity for startups to promote African fashion globally, especially with consumers increasingly switching to online shopping amid the raging Covid-19 pandemic.
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