Bespoke Financial Wants To Be More Than Just a Lender. It Wants To Be Stripe for Cannabis.

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

BeSpoke Financial Office

George Mancheril has a habit of fidgeting with his wedding band while talking at warp speed about debt capital markets. The effect is more evocative of Wall Street uppers than Californian cannabis, but looks can be deceiving.

True, Mancheril cut his teeth back in New York, working in fixed income trading at Goldman Sachs and structured credit at Guggenheim Partners. But he's been a Santa Monica resident for the last eight years, and now, as the 35-year-old CEO of Bespoke Financial, he's bringing his Wall Street expertise to the cannabis industry.


Especially in the beginning, the core philosophy behind Bespoke Financial was simple: Like any consumer product industry, cannabis companies need to borrow money. They need to buy sugar for edibles. They need to buy plastic packaging materials from China — in bulk and in advance — to wrap their products. They need office supplies. For any of this, companies need short-term loans.

Photo by Richard T on Unsplash

Even before COVID, equity investors were retreating from cannabis: From 2018 to 2019 equity and debt capital raised declined from $14.2 billion to $11.7 billion. Venture startup money was starting to run dry. The pandemic only created more market volatility, which in turn made it even more difficult for cannabis companies to raise capital. At a time when everybody needed loans, lenders were scarce.

"People compare it to alcohol, tobacco, pharmaceuticals. If you look at any one of those industries, they rely on functioning debt capital markets," said Mancheril.

Paul Seaborn, an assistant professor of commerce at University of Virginia, agrees that debt capital markets are essential for mature consumer products industries, but he also thinks cannabis is going to stay weird for a long time yet.

"Every month, every year the industry is becoming more normal, but that doesn't mean that it's gone mainstream by any means," said Seaborn. "There's going to be a need for companies like this one who specialize in cannabis."

This isn't a novel concept, but servicing the cannabis comes with a unique set of challenges. For one, despite being "fully legal" in 11 states, weed is still illegal under federal law, meaning the Federal Deposit Insurance Corporation (FDIC) cannot insure the banks on loans to marijuana companies. Cannabis laws also vary wildly by state and are in constant flux.

"Dealing with an industry like cannabis, you run into every single issue—things that would be comical in any other industry," said Mancheril. "If this was easy, everyone would be doing it. It's the difficulties and the headaches that create the opportunity in front of us today."

Bespoke CEO George Mancheril

Bespoke CEO George Mancheril

Lending to the nascent cannabis industry has been Bespoke's bread and butter since it launched in June of 2019, but the company also has much larger fintech aspirations. In April, Bespoke raised $8 million in Series A funding to expand a broader tech platform built on top of its underwriting model. A sort of Stripe-but-for-cannabis, the software aims to connect with banking systems, point of sales systems, compliance platforms and accounting packages like QuickBooks.

In combination with a suite of lending options, Bespoke allows cannabis companies more flexibility in how they order, invoice, borrow and pay — and because they don't actually handle marijuana, they're only considered a cannabis-adjacent company. This distinction lets them facilitate payments on their platform while avoiding sky-high transactional fees that banks and credit unions charge to cannabis companies to cover the higher compliance and disclosure requirements associated with the industry.


"A cannabis company looking to pay their vendor via ACH (an automated clearing house that coordinates money transfers) may have to pay 0.5% to 1% per ACH, which can add up quickly," said Mancheril. "Sending or receiving an ACH costs us 10 cents." The concept behind the platform is based on the ProducePay software model, which was created in 2014 by Mancheril's Bespoke co-founders, Ben Dusastre and Pablo Borquez, to provide a fintech platform for farmers. Now they've set their sights on a new crop.

The movement of money through the cannabis sector has historically been extremely opaque due to its forced reliance on cash, but as more and more companies are onboarded, Bespoke also gains a clearer understanding into the industry's cashflow. This allows them to refine their underwriting model even further and also identify new business needs in the industry that might be served with the platform.

But what happens if weed becomes federally legalized? Mancheril admits that the prospect could certainly introduce more competition into the lending landscape, but ultimately he believes legalization would be a net benefit to Bespoke. Mancheril said legalization would entice new investors into the space as well.

"You're going to have institutional capital looking to deploy 100, 200, 300 million dollars at a clip to the cannabis sector," he said. "They can either do the work themselves and try to underwrite these companies and try to understand the nuances of compliance, or you can work with someone like Bespoke."

Seaborn agrees that expertise in such a uniquely challenging landscape will likely take time to develop. "It would be very hard for someone who just does generic debt lending to pick up information from one of these cannabis companies and know if this is going to be a safe lending situation," he said.

Ultimately the success of Bespoke will likely mirror the success of the industry at large, but that's what drew Mancheril to the industry in the first place.

"I believe in the industry, and I believe there's a core consumer base that will keep this a thriving market," he said. "There are great fundamentals and great growth projections."

Even though he still sounds like a New York finance guy, he does keep a weed vape pen on hand at all times. If he can find a few moments to relax, he'll spark up a bowl and brew a cup of chai. California appears to suit him just fine.

Editor's note: This story has been updated to clarify George Mancheril's previous roles.

The $260M Robot Revolution Happening in Torrance

🔦 Spotlight

Hello Los Angeles,

Forget rockets. This week, the loudest move in the defense tech scene came from a factory floor in Torrance, where Hadrian secured $260 million to fuel its robot-run revolution.

The company, which builds AI-powered, robot-run factories for America’s aerospace and defense industries, announced the massive Series C raise, led by existing investors like Lux Capital and Founders Fund, along with a factory expansion loan facility arranged by Morgan Stanley. The funding will power Hadrian’s third factory (in Arizona), unlock full product manufacturing, and accelerate its mission to bring American manufacturing roaring back faster, smarter, and more automated than ever.

And here’s what makes them fascinating: Hadrian isn’t just churning out parts. They’re reinventing what a factory is. Their facilities look more like giant humming circuit boards than the smokestacks of old, packed with robots, AI, and ambition to move at the speed of software.

It’s the kind of vision you’d expect from a founder who speaks about reshoring U.S. manufacturing as if it were a moral obligation and then backs it up with billion-dollar contracts and steel-and-silicon proof.

We’ll be watching closely to see what Hadrian assembles next. One thing’s certain: the robots are already working overtime, and if you’re smart (or a robot whisperer), you might want to join them.

🤝 Venture Deals

LA Companies

  • Boulevard, a SaaS startup that helps salons and self-care businesses manage scheduling and operations, has raised an $80M Series D led by JMI Equity at a valuation near $800M. The funding will fuel enhancements to its AI-powered scheduling tools and support continued product innovation and market expansion. - learn more
  • Rwazi has raised $12M in Series A funding to expand its AI-powered decision-making platform, which helps businesses replace gut-based decisions with real-time insights and simulations based on consumer behavior. The round was led by Bonfire Ventures and will support the growth of Rwazi’s simulation engine and data infrastructure to help companies make more precise, data-driven decisions across marketing, product, and operations. - learn more
  • Lexington Bakes, an artisan bakery known for its gluten-free, organic oat bars and luxury brownies, has raised $1M in a seed round. The investment was led by Rainfall Ventures. The funding will help the company transition to co-manufacturing, expand its retail reach from about 100 to a projected 1,000 doors in the next year, and scale up its team and operations. - learn more

LA Venture Funds

  • TCG (The Chernin Group) participated in Substack’s latest $100M funding round, joining Andreessen Horowitz, and other investors. Their investment underscores confidence in Substack’s vision to grow its subscription publishing platform and expand its tools for independent writers and creators. - learn more
  • Acre Venture Partners participated in Zucca’s $5M funding round to help the Seattle startup scale its platform, which uses AI to design and develop plant-based food products faster and more efficiently. Their investment will support Zucca’s mission to create sustainable, health-focused foods and expand its operations. - learn more
  • Sound Ventures joined XMTP’s $80M Series B to back its vision of redefining how people communicate in the web3 world. With this funding, XMTP plans to scale its decentralized, privacy-focused messaging protocol, enabling secure, wallet-to-wallet conversations across the blockchain ecosystem. - learn more
  • Morpheus Ventures and Sage Venture Partners participated in Datavations’ $17M Series A funding round, with Morpheus joining as a new investor and Sage returning as an existing backer. Datavations, an AI-driven analytics platform for the building materials and home improvement industries, uses machine learning to deliver actionable insights on pricing, inventory, assortment, and supply chains. The funds will be used to grow the team, accelerate development of its Commerce Alert Hub, and expand its presence across North America. - learn more
  • Mucker Capital led the $3.3M seed round for Bidbus, an AI-powered consumer-to-dealer used car marketplace in the U.S. The platform enables car owners to auction their vehicles online and receive competing offers from dealers, while dealers gain access to high-quality inventory more efficiently. The funding will help Bidbus enhance its AI capabilities and expand into new markets. - learn more
  • Creative Artists Agency (CAA) participated as a strategic investor in Moonvalley’s $84M funding round, signaling strong industry confidence in the company’s development of a fully licensed, AI-powered video generation platform tailored for professional filmmakers and studios. CAA’s investment reinforces Moonvalley’s commitment to ethical AI practices and provides it with a direct pipeline to top-tier creative talent and entertainment partners. - learn more
  • MANTIS Venture Capital joined Zip Security’s $13.5M Series A funding round, backing the company's mission to deliver automated, AI-driven cybersecurity and compliance solutions. Their participation supports Zip’s efforts to expand its engineering team, build deeper platform integrations, and scale into regulated industry verticals like defense, finance, and healthcare. - learn more
  • Rebel Fund participated in Apolink’s oversubscribed $4.3M seed round, joining other notable backers such as Y Combinator and 468 Capital. By investing in this 19‑year‑old–led space tech startup, Rebel Fund is supporting Apolink’s mission to deliver continuous LEO satellite connectivity and facilitate its planned demo missions and constellation build‑out. - learn more

    LA Exits
    • Retina AI is to be acquired by Onar in a deal that will enhance Onar’s AI-powered customer analytics and personalization offerings. By integrating Retina’s predictive customer lifetime value technology, Onar aims to provide businesses with deeper insights into customer behavior and more precise targeting. The acquisition highlights Onar’s commitment to delivering data-driven solutions for optimizing customer relationships. - learn more
    • Nearsure, a U.S.-based tech services company with over 600 professionals across 18 Latin American countries, has been acquired by Nortal to bolster its AI and enterprise solutions in the Americas. Known for its AI-driven transformation, custom software, and partnerships with major platforms, Nearsure will merge into Nortal’s U.S. operations and rebrand later this year. The acquisition allows Nearsure to expand into U.S. and European markets while enhancing its AI, cybersecurity, and enterprise offerings. - learn more
    • InsideOut Sports & Entertainment, the event production company behind high‑profile sports events like The Pickleball Slam, Pro Padel League, and Major League Pickleball, has been acquired by GSE Worldwide, marking GSE’s first foray into live event production. Founded by tennis legend Jim Courier and Jon Venison, who will now serve as EVP and head of the new GSE Productions division, InsideOut’s team will integrate into GSE to help scale its live-event operations into new markets. - learn more

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      From Sunset Boulevard to Outer Space: LA’s Latest

      🔦 Spotlight

      Good Morning Beliebers and Los Angeles!

      While Justin Bieber’s new album dropped last night, here’s what else is making headlines in Los Angeles this week.

      Luma has opened its Dream Lab on Sunset Boulevard, boldly positioning itself at the forefront of AI-powered creativity. Known for transforming ordinary photos into cinematic 3D scenes, Luma is combining cutting-edge research with practical tools to build a playground for artists, engineers, and anyone ready to push the boundaries of visual storytelling. In their words: “From Hollywood blockbusters to the next generation of immersive media, this is where the magic happens.”

      Meanwhile, well beyond our skyline, SpaceX reportedly hit an eye-popping $400 billion valuation in a recent share sale, making it one of the most valuable private companies ever. The milestone reflects both investors’ fervor for the commercial space race and LA’s unrivaled role as the launchpad of aerospace innovation.

      LA continues to prove it can deliver on the ground, in the cloud, and far beyond the stars. See you next week.

      🤝 Venture Deals

      LA Companies

         
      • Varda Space Industries, the El Segundo–based company manufacturing pharmaceuticals in microgravity, has raised $187M in a Series C round led by Natural Capital and Shrug Capital, bringing its total funding to approximately $329M. The funds will support an increased launch cadence of robotic drug-production capsules, expansion of its El Segundo lab for biologic drug crystallization, and broader efforts to scale commercial microgravity-driven drug formulation and hypersonic reentry testing. - learn more

      LA Venture Funds

      • Rebel Fund participated in Vellum’s $20M Series A round, which was led by Leaders Fund. The company helps businesses build and optimize LLM-powered applications. Vellum plans to grow its team and speed up product development with the new funding. - learn more
      • Bold Capital participated in a $31M Series B funding round for Aqtual, a Hayward, California based precision medicine startup developing a cutting edge cell free DNA (cfDNA) multiomics platform. The capital will help commercialize Aqtual’s flagship rheumatoid arthritis diagnostic, currently being tested in a 1,300 patient trial, and support expansion into other chronic and autoimmune diseases. - learn more
      • Strong Ventures invested in VERAMORE, a skincare brand focused on addressing early signs of aging in women. Since launching in March 2022, VERAMORE has grown over 300% annually, expanded to more than 16 products, and entered markets including Japan, Singapore, Vietnam, Taiwan, Europe, and Korea. The funding will support its D2C growth, product-driven marketing, and planned global expansion starting with Japan in 2025 and the U.S. and Europe in 2026. - learn more
      • Mucker Capital joined a $3.7M seed funding round for Velvet Capital aimed at launching its DeFAI operating system and $VELVET governance token. Velvet’s vertically integrated DeFi toolkit combines AI-powered trading, portfolio management, APIs, and a native token to streamline on-chain investment for funds, DAOs, and individual traders. The funding will accelerate platform development, the rollout of its tokenomics, and broader adoption of its intent-based DeFi suite. - learn more
      • Btech Consortium Fund participated in a $8.5M Series A funding round for Castellum.AI, a New York based financial crime compliance platform that uses in‑house risk data, AI, and screening tools to help financial institutions manage AML/KYC compliance. The funds will be used to expand their team, enhance integrations with financial institutions, and accelerate adoption of their AI‑powered compliance solutions. - learn more
      • Bold Capital Partners joined the oversubscribed $45M Series A round for Centivax, a South San Francisco biotech company dedicated to developing a universal flu vaccine using a proprietary mRNA-based immune-engineering platform. Led by Future Ventures, the funding will help Centivax advance its lead candidate into Phase I clinical trials and expand its broader universal immunity pipeline targeting pathogens like RSV, HIV, and malaria. - learn more
      • Alpha Edison participated in Honor Education’s $38M Series A funding round for the San Francisco–based learning platform. Honor uses AI‑enhanced, mobile-first courses and credentialed programs to improve engagement and leadership development. The funding will be used to scale AI capabilities, personalize learning experiences, and expand the company’s operations and customer‑success teams to meet rising demand. - learn more
      • Wasserman Ventures participated in a $7M seed round for Fantasy Life, the fantasy sports platform founded by Matthew Berry. The funding will support the launch of Fantasy Life’s revamped platform, featuring new “Guillotine Leagues,” a modernized app experience, and enhanced content and tools to scale its audience and technology offerings. - learn more

      LA Exits
      • El Segundo based Kaye Capital Management, a fee only RIA with approximately $700M in assets under management and $300M in assets under advisement, was acquired by Modern Wealth Management, marking its 17th acquisition and pushing its total AUM over $8.5B. The deal strengthens Modern Wealth’s presence in California and adds Kaye’s institutional retirement plan expertise to its suite of financial and retirement solutions for clients. - learn more
      • NIRx Medical Technologies was acquired by Gilde Healthcare’s private equity fund and combined with Artinis Medical Systems to form a world-leading neuroimaging group. Both companies will retain their brands and locations while collaborating on R&D, product development, and global expansion of their functional near-infrared spectroscopy (fNIRS) tools to advance research in mental health, neurodegenerative diseases, and stroke rehabilitation. - learn more
      • Emotive, a conversational SMS marketing platform, has been acquired by Privy to create a unified solution for e-commerce brands that combines email, SMS, pop-ups, and real-time customer conversations. The integrated platform will help over 10,000 merchants simplify their marketing, personalize customer interactions, and strengthen relationships with dedicated strategists and transparent pricing. - learn more

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      Tinder, Starlink, and Apple’s New Studio: This Week in LA

      🔦 Spotlight

      Happy Independence Day, Los Angeles! 🇺🇸

      While you're celebrating freedom, here are some electrifying updates lighting up LA’s tech, satellite, and music scenes:

      🔥 Tinder mandates Face Recognition in California

        Image Source: Tinder

      Tinder is now requiring all new users in California to complete a biometric face check, a brief video selfie processed via FaceTec, to verify profiles are genuine. The video is deleted post-verification, though an encrypted face map remains while the account is active. This West Hollywood based move could redefine trust, safety, and privacy in mainstream consumer apps.

      🌐 Starlink clears hurdle to launch in India

      Elon Musk’s SpaceX backed Starlink has cleared most regulatory and licensing hurdles with India’s Department of Telecommunications, marking a key step toward launching satellite broadband in one of the world’s fastest growing markets. Final approvals from the national space regulator are pending, and services, expected to deliver high speed connectivity to underserved regions, could launch in the coming months. This is a major milestone for Starlink’s global expansion.

      🎧 Apple Music opens Culver City creative hub

        Image Source: Apple

      Apple Music is celebrating its anniversary by launching a brand new 15,000 square foot, three story studio in Culver City. The facility, featuring a 4,000 square foot soundstage, spatial audio suites, podcast booths, and more, is designed by Eric Owen Moss and slated to open mid August. It solidifies LA’s reputation as a creative powerhouse and reaffirms Apple’s commitment to investing in and nurturing our city's cultural ecosystem.

      From dating apps to deep space to sound stages, LA isn’t just watching the future unfold, we’re building it.

      Here’s to independence, imagination, and everything this city dares to launch next. Happy Fourth, Los Angeles.

      🤝 Venture Deals

      LA Companies

      • Castelion has raised a $350M Series B round led by Lightspeed Venture Partners alongside Altimeter Capital to scale its hypersonic missile production capabilities. The El Segundo-based defense startup plans to use the funds to expand manufacturing, accelerate testing through its SpaceX-inspired rapid development model, and position itself as a cost-effective supplier of hypersonic weapons to the U.S. military and its allies. - learn more
      • Earth Sama, a Calabasas, California–based climate-tech platform that helps rural farming and Indigenous communities generate and manage carbon credits, secured investment from Omtse Ventures. The funding will support the rollout of Earth Sama’s blockchain-powered field app, climate-creator platform, and smart-contract tools to scale community-led carbon credit projects globally under the Paris Agreement’s Article 6.4 framework. - learn more

                LA Venture Funds

                • Plassa Capital participated in Metafide’s $3.275M funding round. Miami based Metafide, the creator of SURGE, a gamified trading platform that combines AI neural networks and human insight, will use the funds to scale and launch SURGE into the market. - learn more
                • BOLD Capital Partners participated as a founding investor in Syntis Bio’s $33M Series A round, with an additional $5M in NIH grants. The Boston-based biotech is developing oral therapies for obesity and rare diseases, and the funding will help advance its SYNT platform, moving its lead obesity treatment, SYNT-101, into Phase 1 trials and supporting development of SYNT-202 for homocystinuria. - learn more
                • BAM Ventures participated in Cred’s $15M seed round for its predictive intelligence startup. San Francisco based Cred uses AI to unify company data with real time market signals and deliver actionable insights for sales and operations. The funding, led by defy.vc, will be used to scale Cred’s platform, expand its customer base, and grow team and product capabilities. - learn more
                • BOLD Capital Partners participated in Gallant’s $18M Series B round to advance its ready-to-use stem cell therapies for pets. The funding, led by Digitalis Ventures with additional support from NovaQuest Capital, will help Gallant bring its off-the-shelf regenerative treatments to market. - learn more
                • Rebel Fund joined the seed round for Rocketable, contributing to the $6.5M raised to build a portfolio of fully automated SaaS companies. San Francisco-based Rocketable, backed by True Ventures and others, uses AI agents to operate acquired software products, and Rebel’s support will help scale both the platform and acquisitions. - learn more 
                        LA Exits
                        • Leasepath, a cloud-first provider of equipment lease and loan management software, has been acquired by Solifi to enhance its mid-market offerings. The deal allows Solifi to expand Leasepath’s Microsoft Dynamics-based platform into new global markets while keeping Leasepath’s team and leadership in place. - learn more

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