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.

VC Giants Back LA Defense Tech Startup

🔦 Spotlight

Hello Los Angeles, and happy Friday!

Memorial Day Weekend is finally here, and it seems even PCH got the memo, just in time for those coastal drives to kick off summer, traffic jams included. Speaking of navigation, El Segundo based startup CX2 has charted its own impressive course this week, securing $31 million in a Series A round led by Point72 Ventures, with participation from Andreessen Horowitz, 8VC, and Pax Ventures, to boost its mission in electronic warfare.

Electronic warfare (EW), for those of us who aren't regulars at the Pentagon, involves the tactical use of electromagnetic energy to control the spectrum, essentially jamming or confusing enemy communications and radar systems. CX2 was founded by a diverse and experienced group: Nathan Mintz, who brings deep expertise in defense technology from previous ventures such as Epirus and Spartan; Mark Trefgarne, a software entrepreneur known for a successful acquisition by Meta; Lee Thompson, an expert RF engineer previously with SpaceX; and Porter Smith, whose practical insights stem from his background as a U.S. Army helicopter pilot and subsequent experience as an investor.

The new funds will help CX2 scale its team and accelerate the development of advanced tools, including autonomous drones and specialized signals-intelligence systems. These innovations promise precision interference without collateral disruptions, addressing critical defense capability gaps identified by industry experts.

With tensions escalating globally, there's big demand for next-gen defense solutions, and CX2’s technology positions them as a major player in shaping future electronic battlespaces.

Dive deeper into the details and check out this week's roundup of LA’s venture deals and acquisitions below.

Here's to a weekend filled with sunshine, clear roads (fingers crossed), and tech that keeps pushing boundaries!

🤝 Venture Deals

LA Companies

  • Axle Health, founded by former Uber execs, raised $10M in Gaa Series A round led by F-Prime Capital to expand its AI-powered logistics platform for home healthcare. The software streamlines scheduling, routing, and patient engagement, and is now used by major health systems and agencies across all 50 states. The company has seen 10x revenue growth over the past year. - learn more
  • Promise, a generative AI studio based in Venice, California, has secured a strategic investment from Google's AI Futures Fund, alongside contributions from The North Road Company, and others. This funding will support Promise's integration of advanced AI technologies into its proprietary production platform, MUSE, and facilitate collaborations with Google's DeepMind researchers to push the boundaries of AI-driven storytelling. The studio plans to commence production on its first feature-length film this year, marking a significant step in its mission to blend human creativity with cutting-edge AI tools in filmmaking. - learn more
  • Final Boss Sour, a Los Angeles-based snack brand blending gaming nostalgia with sour fruit treats, raised $4M in a Seed 2 round. The funds will go toward expanding distribution, product innovation, and creator partnerships. The company also launched a new tropical sampler box featuring real fruit flavors like mango, pineapple, and kiwi. - learn more
  • VUZ, a UAE-based immersive media platform, raised $12M in a pre-Series C round led by the International Finance Corporation with participation from CrossWork.us, among others, to fuel global expansion and enhance its AI-powered streaming experiences. The funding brings its total raised to over $35M and will support growth across the U.S., Africa, Asia, and the Middle East. VUZ, now EBITDA positive, hosts 30,000+ hours of immersive content and has exclusive deals with leagues like LaLiga and Serie A. - learn more

      LA Venture Funds

      • B Capital co-led Data Sutram's $9M Series A funding round, supporting the company's expansion of its AI-driven fraud detection platform into sectors like cryptocurrency, gaming, and insurance. The investment will also aid in strengthening Data Sutram's AI capabilities and facilitating its international growth into markets such as the Middle East and Southeast Asia. - learn more
      • Upfront Ventures led Clair's $23.2M Series B funding round, reinforcing its commitment to the fintech startup it initially backed during the seed stage. Clair provides embedded earned wage access (EWA) solutions, allowing employees to access their earnings instantly through integrations with payroll and workforce management platforms like Gusto and TriNet. The new funding will support Clair's expansion across more than 29,000 business locations and enhance its partnerships with additional HR and payroll providers. - learn more
      • Rebel Fund participated in Keep's recent C$108M funding round, supporting the Toronto-based fintech's mission to modernize small business banking in Canada. Keep offers an all-in-one financial platform tailored to Canadian small businesses, addressing challenges like outdated systems and limited access to credit. The funding will help Keep expand its services, which include business credit cards, expense tracking, and multi-currency accounts, to more entrepreneurs across the country. - learn more
      • MarcyPen Capital Partners participated in SparkCharge's $30.5M funding round, supporting the expansion of its mobile, off-grid EV charging services across North America. This investment will help SparkCharge scale its Charging-as-a-Service model, enabling fleets to adopt electric vehicles without the need for permanent infrastructure. - learn more
      • Matter Venture Partners participated in Biostate AI's $12M Series A funding round, supporting the Houston-based startup's mission to revolutionize molecular diagnostics through affordable RNA sequencing and generative AI. Biostate AI aims to build a comprehensive RNA sequencing dataset to train AI models capable of predicting disease progression and treatment responses, thereby advancing precision medicine. - learn more
      • Prototype Capital participated in Sensmore's €6.5M funding round, supporting the German robotics startup's mission to retrofit heavy machinery with AI-driven automation. Sensmore's technology enables real-time automation of complex tasks in industries like construction and mining. The investment will help expand Sensmore's Physical AI platform, enhancing productivity and safety in industrial operations. - learn more

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            Forget Traffic: Air Taxis Are Coming to LA28

            🔦 Spotlight

            Hello Los Angeles,

            The future just got a flight plan, and it includes skipping traffic for the 2028 Olympics.

            Image Source: Archer

            This week, Santa Clara-based Archer Aviation made headlines (and history) by being named the official air taxi provider for the LA28 Olympic and Paralympic Games and Team USA. Yes, that means electric vertical takeoff and landing (eVTOL) aircraft will be soaring above the gridlocked freeways, whisking athletes, officials, and perhaps a few lucky spectators through LA’s famously congested skies.

            This isn’t just a flashy PR stunt (although, let’s be honest, it is peak LA). It’s a strategic move to redefine how we move around the city, especially during one of the largest global events ever to hit Southern California. In partnership with the LA28 Organizing Committee, Archer plans to deploy its Midnight aircraft, an all-electric air taxi that promises ultra-quiet, zero-emission rides from point A to point OMG-I’m-not-in-traffic.

            While Archer is headquartered in Santa Clara, it has deep ties to the LA tech ecosystem. United Airlines, one of its major partners, has previously announced plans to establish eVTOL routes between downtown and LAX. Pair that with this new Olympic milestone and we’re looking at LA as ground zero for what could become the world’s first large-scale urban air mobility network.

            Of course, there are still regulatory hurdles, infrastructure needs, and airspace coordination issues to iron out before we can book our sky ride to the Coliseum. But make no mistake, this announcement is a moonshot moment for LA tech, mobility, and the future of Olympic-scale transportation.

            We’ll be keeping our feet on the ground (for now), but we’ll definitely be watching the skies.

            Catch you next week ✈️✨

            🤝 Venture Deals

            LA Companies

            • Akido, a Los Angeles-based health tech company, has raised $60M in Series B funding led by Oak HC/FT to expand the reach of its AI-powered clinical tool, ScopeAI. The platform assists physicians by generating clinical questions, documenting patient responses, and drafting care plans in real time. The funding will help Akido scale its technology across its provider network and expand into new markets like New York City. - learn more
            • Reflect Orbital, a startup developing satellite-based sunlight delivery systems, has raised $20M in a Series A round led by Lux Capital. The company plans to use the funding to expand its team, scale operations, and prepare for its first satellite launch in Spring 2026. Reflect Orbital’s technology aims to reflect sunlight from space to Earth, enabling nighttime illumination for energy, remote operations, and civil infrastructure. - learn more
            • Rolli, an AI-powered platform designed to support fact-based journalism, has received an investment from the NYU Impact Investment Fund (NIIF). This marks NIIF's first investment in a media company, underscoring its commitment to backing ventures that enhance democratic institutions through innovation. Rolli's platform connects journalists with a diverse range of vetted experts, aiming to streamline news production and promote equitable representation in media. The funding will help Rolli expand its reach and further develop tools that empower journalists to produce accurate and impactful reporting. - learn more

              LA Venture Funds

              • CIV and Wonder Ventures participated in The Nuclear Company’s $46.3M Series A round to support its plan to develop large-scale nuclear reactor sites across the U.S. CIV co-founder Patrick Maloney also co-founded the company, which is taking a “design-once, build-many” approach to modernize nuclear construction. The funding will help meet rising energy demands from sectors like AI and data centers. - learn more
              • WndrCo participated in Cartwheel's recent $10M funding round. Cartwheel is an AI-driven 3D animation startup that enables creators to generate rigged animations from text prompts and videos. The funding will support Cartwheel's efforts to simplify and democratize 3D animation production. - learn more
              • Crosscut Ventures participated in Solestial's $17M Series A funding round, which aims to scale the company's production of radiation-hardened, self-healing silicon solar panels for space applications. Solestial plans to increase its manufacturing capacity to 1 megawatt per year, matching the combined annual output of all U.S. and EU III-V space solar companies. This investment supports the growing demand for cost-effective, high-performance power systems in the expanding space industry. - learn more
              • Upfront Ventures participated in Tern's $13M Series A funding round, adding to its earlier $4M seed investment in the travel tech startup. Tern offers an all-in-one platform for travel advisors, streamlining itinerary building, CRM, and commission tracking. The new funding will help Tern enhance its product offerings and expand support for its growing user base. - learn more
              • Dangerous Ventures participated in Verdi's $6.5M seed funding round, supporting the Vancouver-based agtech startup's mission to modernize farm irrigation systems through AI-powered automation. Verdi's technology retrofits existing infrastructure, enabling precise, row-level control of irrigation, which helps farmers reduce water usage and labor costs. The investment aligns with Dangerous Ventures' focus on climate resilience and sustainable food systems. - learn more
              • Pinegrove Capital Partners participated in Saildrone's recent $60M funding round, supporting the company's expansion of its autonomous maritime surveillance technology into Europe. The investment will aid in deploying Saildrone's uncrewed surface vehicles for enhanced maritime security and defense applications across European waters. - learn more
              • Starburst Ventures participated in a €2 million seed funding round for French defense tech startup Alta Ares, which specializes in embedded AI and MLOps solutions for military applications. Alta Ares' technologies, including the Gamma platform for real-time video analysis and the Ulixes platform for managing operational data lifecycles, operate autonomously without the need for internet or cloud connectivity. This funding will support the industrialization of these solutions and expand their deployment across European armed forces and NATO allies. - learn more
              • Nomad Ventures participated in Stackpack’s recent $6.3M seed funding round, supporting the company's mission to streamline vendor management for modern businesses. Stackpack offers an AI-driven platform that provides finance and IT teams with a centralized system to oversee third-party vendors, manage renewals, and mitigate compliance risks. The investment will enable Stackpack to expand its operations, enhance its platform, and introduce new features like the "Requests & Approvals" tool, aimed at simplifying vendor onboarding and procurement processes. - learn more
              • Tachyon Ventures participated in Stylus Medicine's $85M Series A funding round, supporting the biotech company's development of in vivo genetic medicines. Stylus aims to simplify gene editing by enabling precise, durable CAR-T therapies delivered directly inside the body, potentially transforming treatment for various diseases. - learn more
              • Up.Partners led a $28M Series A funding round for WakeCap, a construction tech startup that uses sensor-powered platforms to deliver real-time workforce visibility and site intelligence. WakeCap’s system tracks labor hours, safety, and productivity across large-scale projects, with over 150 million labor hours already monitored. The new funding will help the company expand globally, enhance product features, and grow its engineering and customer success teams. - learn more


                LA Exits

                • MediaPlatform, a leading provider of enterprise video solutions, has been acquired by Brandlive, a company renowned for bringing the magic of television to business communications. This strategic acquisition aims to enhance Brandlive's capabilities in delivering high-scale, reliable CEO town halls and global corporate broadcasts. By integrating MediaPlatform's robust infrastructure with Brandlive's creative video tools and production services, the combined entity seeks to offer more engaging and authentic internal content experiences for enterprise clients. - learn more
                • RHQ Creative, a studio renowned for its competitive Fortnite training maps, has been acquired by JOGO, the game development company founded by popular creator Typical Gamer (Andre Rebelo). This acquisition aims to bolster JOGO's expansion into the competitive gaming arena by integrating RHQ's expertise in skill-building and training map design. RHQ Creative, co-founded by Fortnite pro Quinn Gannon (RichHomieQuinn) and Sean Lugo, has achieved over 20 million map visits and 200 million hours of playtime. The deal includes full ownership of RHQ's map catalog and the addition of its team to JOGO, enhancing the company's capabilities in developing high-quality, competitive gaming experiences. - learn more

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                    This LA Startup Wants to Make It Rain and Just Raised $25M to Do It

                    🔦 Spotlight

                    Hello LA!

                    While most tech headlines are busy chasing AI chatbots and flying taxis, one startup in El Segundo is aiming a little higher. Literally.

                    Rainmaker just secured$25 million in Series A funding to expand its cloud-seeding drone technology. The round was led by Lowercarbon Capital, with participation from Starship Ventures, 1517 Fund, Long Journey Ventures, Naval Ravikant, and others.

                    Their idea is simple but urgent. Instead of relying on old-school aircraft to spray rain-making particles across the sky, Rainmaker uses AI-powered drones that find and seed clouds with pinpoint accuracy. It is faster, more affordable, and could reshape how regions fight back against droughts.

                    California's ongoing water struggles have made it clear that simply "saving" water is not enough. Cities and entire economies need new tools to create it. Rainmaker plans to use the funding to grow its fleet, invest in atmospheric science, and expand commercial partnerships with utilities and governments searching for solutions.

                    Bigger picture, Rainmaker is part of a growing shift in LA's tech ecosystem. While software remains dominant, more investors and founders are quietly betting on "hard tech" that addresses real-world problems like water, energy, and infrastructure.

                    It is not just about apps anymore. It is about survival tech.

                    With the skies getting hotter and the reservoirs getting lower, the next great tech export out of LA might not be entertainment or social media. It could be rain.

                    Stay tuned…

                    🤝 Venture Deals

                    LA Companies

                      • SimpleClosure, a Santa Monica-based startup that automates the business shutdown process, has raised a $15M Series A funding round led by TTV Capital. The company, which launched publicly in late 2023, helps startups and businesses navigate legal, regulatory, and compliance hurdles when closing down, using AI to streamline paperwork and communications. The new funding will support SimpleClosure’s platform growth and product expansion, as rising economic pressures create heightened demand for efficient dissolution solutions. - learn more

                        LA Venture Funds

                        • Alexandria Venture Investments participated in Haya Therapeutics’ $65M Series A funding round. Haya Therapeutics, which is developing precision RNA-guided medicines for chronic and age-related diseases, will use the capital to advance its lead therapeutic programs targeting heart failure and fibrosis. The company plans to expand its pipeline, invest in its discovery platform, and grow its team to accelerate clinical development. - learn more
                        • Griffin Gaming Partners led a $7M funding round for Fuse Games, a gaming studio focused on developing new original IP. Fuse Games, founded by industry veterans with experience at major gaming companies, plans to use the funds to accelerate production of its first title and expand its team as it builds ambitious new gaming experiences. - learn more
                        • Shamrock Capital has made a strategic growth investment in Neocol, a leading consulting platform that specializes in sales and AI-driven software solutions for subscription businesses. Neocol, which helps companies optimize revenue operations and digital transformations, plans to use the investment to accelerate its growth, expand its services, and further strengthen its leadership position in the Salesforce ecosystem. - learn more
                        • Trust Fund participated in a $7.2M seed funding round for Agree.com, an all-in-one platform that combines e-signature and integrated payments, aiming to streamline and speed up service agreements. The company plans to use the new capital to grow its engineering team, expand integrations, and enhance payment capabilities to help service providers close deals faster. - learn more
                        • Hyperlink Ventures participated in Orca AI’s $72.5M funding round. Orca AI, headquartered in London, develops AI-based navigation and collision-avoidance solutions to improve safety and efficiency for commercial shipping fleets. The funding will help Orca AI scale its autonomous shipping technologies, expand its team, and support global growth efforts. - learn more


                        LA Exits

                        • StoryFire, a social storytelling and video platform with over 2.5M users, has been acquired by Flashy Finance to launch a new platform called Flashy Social. The move aims to merge content creation with blockchain-powered financial tools, allowing creators to monetize through token incentives, streaming features, and community engagement. This acquisition supports Flashy Finance’s broader vision of building a cultural, creator-led financial ecosystem. - learn more
                        • Jaanuu, Inc., a Los Angeles-based medical apparel brand known for its stylish and functional scrubs, has been acquired in an asset sale by VentureOn Management, LLC. The acquisition includes substantially all of Jaanuu's assets, encompassing its intellectual property, inventory, and customer relationships. VentureOn Management plans to continue Jaanuu's operations, focusing on delivering high-quality medical apparel to healthcare professionals. - learn more
                        • Skechers has agreed to be acquired by 3G Capital in a deal valued at approximately $9.4 billion. Shareholders will receive either $63 per share in cash or $57 plus an equity unit in a new private parent company. Following the acquisition, Skechers will become privately held, maintain its Manhattan Beach headquarters, and continue to be led by its current management team. - learn more

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