Folklore Group announced it has raised $1.7 million in a pre-seed round of funding. The capital is to be used to create a conglomerate with a B2B and a consumer platform for African brands.
The funding round was led by Slauson & Co. Also participating were Fearless Fund, Backbone Angels and Nneka Ogwumike, a player from the Women’s National Basketball Association.
Funding will go towards developing and operating three platforms: The Folklore Connect, a wholesaler e-commerce site, The Folklore Marketplace, a consumer shopping portal, and The Folklore Edit, an online media platform.
All three platforms are dedicated to the African design industry and aim to enable global retailers and consumers to discover and connect with the members of this community.
“Our vision is to see African brands in the hands of customers”. Originally, the group, founded in 2018 by 26-year-old Amira Rasool, started as a multi-brand e-commerce retailer for emerging African designers. Ever since the group has restructured to create better solutions for exchange.
In a statement, Rasool said: “Folklore Connect is the next step in our vision of seeing African brands in the hands of consumers around the world and creating opportunities for them that fuel their growth and empower them to survive in global competition.”
“We use technology and community to connect brands, customers and partners who value sustainability and who support the new avant-garde of design.”
The Folklore Connect and The Folklore Marketplace have already started with established and up-and-coming designers from the fields of clothing, accessories, cosmetics and household goods. Brands such as Rich Mnisi, Orange Culture and Suki Suki Naturals have been represented on the platforms so far.
In addition, the Folklore Group continues to accept applications for the next wave of brands and retailers wishing to be added to the Folklore Connect waitlist.
This translated post previously appeared on FashionUnited.uk. Translation and editing: Karenita Haalck