Bespoke Financial, a U.S.-based fintech that provides debt financing to cannabis companies, announced on Tuesday it raised $8 million through its Series A funding round, bringing the company’s total funding to date to over $28 million. According to Bespoke, the investment round was led by Snoop Dogg’s Casa Verde Capital and Sweat Equity Ventures, with participation from Ceres Group Holdings, Greenhouse Capital Partners, DoubleLine Capital’s Co-Founder and Former President Philip Barach, and New York venture capitalist Robert Stavis.
Founded in 2018, Bespoke Financial describes itself as a leading VC-backed financial solutions provider that offers custom-tailored funding within niche business environments providing immediate access to liquidity for enhanced cash flow.
“Bespoke’s platform offers approved borrowers the ability to access capital within 24 hours, increase purchasing power to scale operations towards profitability, and manage payments both to vendors and from customers in a centralized location.”
Bespoke further revealed that the new round of funding follows a record year, as the company outgrew forecasts by 25% while expanding to offer a suite of debt financing solutions to cannabis companies across the supply chain in over 80% of the U.S. market. Speaking about the investment round, Bespoke Financial Co-Founder and CEO, George Mancheri, stated:
“The strength and growth of this industry over these past few years validates our initial core thesis that cannabis presents a uniquely attractive opportunity within the broader debt landscape. We’re excited to partner with Sweat Equity Ventures alongside our existing investors to continue scaling our tech driven financing platform as the bridge between our cannabis clients and the broader capital markets.”
The company added it also expects to launch new financing structures specifically designed for the industry’s changing needs as it continues to mature.