About Bengal Capital
Bengal Capital is a venture capital firm founded in 2006. It is primarily based out of Los Angeles, United States. As of Nov 2021, Bengal Capital has invested in 11 companies. It primarily invests in Seed round in United States based startups. Its investments are spread across a wide range of sectors from Healthcare to Food and Agriculture and Consumer Goods. Most recently it participated in the $***** Post IPO round of XS Financial Overall, Bengal Capital portfolio has seen 4 IPOs and 2 acquisitions including key companies like GTI, XS Financial and 4Front Ventures. A lot of funds co-invest with Bengal Capital, with names like Urban-gro sharing a substantial percentage of its portfolio. Bengal Capital has team of 5 people including 4 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Post IPO, Seed & 2 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Soonicorns
Bengal Capital's List of Top Investments
Bengal Capital has a portfolio of 11 companies. Their most notable investments are in BLOOM FARMS and Jetty.Their portfolio spans across United States and Canada. They have invested in Healthcare, Food and Agriculture, Consumer Goods and 3 other sectors, across stages such as Post IPO, Seed and 2 more. Here is the list of top investments by Bengal Capital:1. GTI
Provider of health, and wellbeing products related to cannabis. It operates national retail cannabis stores. It supplies products through e-distributors.
Key facts about GTI
- Founded Year: 2002
- Location: Chicago (United States)
- Stage: Public
- Employee Count: 2,409 as on Aug 31, 2026
- Investors: V. Gastevich Investments, Bengal Capital and 4 Others
- Latest Funding Round: Conventional Debt, May 23, 2019, $*****
- Highlight: Public
Developer of medical cannabis products. The company claims to develop and offer a wide range of proprietary strains that increase desired cannabinoids such as cannabidiol (CBD), with its low psychoactivity and lack of other side effects.
Key facts about Holistic Industries
- Founded Year: 2014
- Location: Maryland Heights (United States)
- Stage: Series B
- Total Funding till date: $164M
- Employee Count: 451 as on Sep 30, 2026
- Investors: GROWNEXOTICSCANNABIS, V. Gastevich Investments and 5 Others
- Latest Funding Round: Series B, Oct 13, 2022, $*****
- Highlight: Editors' Pick
3. XS Financial
Provider of equipment leasing solutions for cannabis and hemp industries. The company provides equipment for extraction methods (alcohol, hydrocarbon and supercritical carbon dioxide extractors), pre/post-processing equipment (decarboxylation, winterization, distillation, and isolation), peripheral equipment (analytical/industrial scales, vacuum ovens, manual/automatic pipettes, hot plates, and beakers), consumables (solvents and reagents such as alcohols, hydrocarbons, and carbon dioxide and disposable materials), HPLC (high-pressure liquid chromatography), GC (gas chromatography), and CPC (centrifugal partition chromatography).
Key facts about XS Financial
- Founded Year: 2017
- Location: Los Angeles (United States)
- Stage: Public
- Total Funding till date: $10.2M
- Employee Count: 9 as on Sep 30, 2026
- Investors: Bengal Capital, Quinsam Capital and 6 Others
- Latest Funding Round: Post IPO, Nov 01, 2021, $*****
- Highlight: Public
Premium cannabis operator focused on quality, innovation, and community impact. They cultivate, manufacture, distribute, and retail cannabis products. With a focus on operational excellence and sustainable growth, they deliver exceptional cannabis experiences. Their vertically integrated model ensures quality and efficiency from seed to sale. They offer a wide range of products, including flower, edibles, tinctures, concentrates, and vapes. They are committed to social responsibility, diversity, and inclusiveness, supporting local communities through volunteering, partnerships, and ethical practices. They operate with excellence, people, integrity, and courage, guided by their EPIC principles. They focus on markets where they can scale operations efficiently, ensuring sustainable growth and long-term value. They are dedicated to advancing cannabis culture through product innovation and positive community impact.
Key facts about 4Front Ventures
- Founded Year: 2011
- Location: Phoenix (United States)
- Annual Revenue: $50M - $100M as on Dec 31, 2023
- Stage: Public
- Total Funding till date: $17.9M
- Employee Count: 153 as on Aug 31, 2026
- Investors: Navy Capital, Bengal Capital and 2 Others
- Latest Funding Round: Post IPO, Dec 07, 2020, $*****
- Highlight: Public
5. Grassroots
Grassroots helps in growing and manufacturing medical cannabis. The company offers patients and other partners to work as a community to deliver medically tested and safe cannabis products to the consumers.
Key facts about Grassroots
- Founded Year: 2014
- Location: Taneytown (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $165M
- Employee Count: 66 as on Sep 30, 2026
- Investors: E Squared Capital, Altitude Investment Management and 7 Others
- Latest Funding Round: Series B, Mar 19, 2019, $*****
- Highlight: Acquired
Bengal Capital's Year-on-Year Investment Trends
Bengal Capital has invested in 11 companies over the last 15 years, with an average of 0 new investment annually in the last 10 years. Its most recent first time investment was in XS Financial and most recent follow-on round was in BLOOM FARMS.Bengal Capital's Investments by Stage
Bengal Capital has made 1 investment in Post IPO stage with an average round size of $33.5M, 1 investment in Seed stage, 1 investment in Series A stage with an average round size of $8M and 1 investment in Series B stage with an average round size of $55M.Stage of entry | No. of Investments |
|---|---|
Post IPO | 1 |
Seed | 1 |
Series A | 1 |
Series B | 1 |
Note: We have considered here, only first round of investments
Bengal Capital's Investments by Sector
Bengal Capital has a diverse portfolio, with companies operating in the Food and Agriculture, HealthTech, Consumer Goods, Food and Agriculture Tech and Healthcare. Notably, it has invested in 4 Consumer (B2C) companies, 4 Tech companies, 2 Enterprise (B2B) companies and 1 company focusing on Software.Sector | No. of Investments |
|---|---|
Food and Agriculture | 2 |
HealthTech | 2 |
Consumer Goods | 1 |
Food and Agriculture Tech | 1 |
Healthcare | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Bengal Capital's Investments by Geography
Bengal Capital has made most investments in United States (4).Bengal Capital's recent investments
Bengal Capital has not made any investment in 2026 so far.Here are the most recent investments by Bengal Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Nov 01, 2021 | United States | Post IPO | 5090 | [+2] | |
Nov 15, 2019 | United States | Series A | 5489 | ||
Oct 17, 2019 | United States | Series B | 7595 | - | |
2011 | United States | Seed | 9891 | - | |
- | United States | Seed | 1744 | - |
IPOs and Publicly Listed companies in Bengal Capital's Portfolio
4 of Bengal Capital's portfolio companies have become public. XS Financial got listed on the Canadian Securities Exchange (CSE), in Sep 2019 and Flowr got listed on the Toronto Stock Exchange - Venture Exchange (TSX-V) at marketcap of $545K.Here are Bengal Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 13, 2019 | Nov 01, 2021 | Post IPO | 6419 | |
Sep 28, 2018 | - | - | 2437 | |
Jun 13, 2018 | - | - | 5582 | |
Sep 23, 2014 | 2011 | Seed | 4473 |
Acquired companies in Bengal Capital's Portfolio
2 companies from Bengal Capital's portfolio have been acquired. The most recent acquisition was Jetty in May 2024 by Canopy Growth for $*****.Here are Bengal Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
May 07, 2024 | - | - | 9137 | |
Jul 17, 2019 | - | - | 3856 |
Team profile of Bengal Capital
Bengal Capital has a team of 5 members including 4 Partners and 1 Principal located in United States. Bengal Capital's team does not sit on the board of any company as of now.Here is a list of all team members in Bengal Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Phoenix | - | ||
Partner | Manhattan Beach | - | ||
Partner | Miami | - | ||
Partner | Chicago | - | ||
Principal | Stone Harbor | - | - |
Co-investors of Bengal Capital
Over the past 15 years, 12 investors have co-invested in Bengal Capital's portfolio companies. This includes funds and angels.
- Invested before Bengal Capital: Franklin Street, Archytas Ventures and 3 others have invested in rounds before Bengal Capital. There is 1 company where Franklin Street has invested before Bengal Capital and 1 company where Archytas Ventures has invested before Bengal Capital.
- Top Co-investors of Bengal Capital: 4 investors entered a company along with Bengal Capital. These include investors like Urban-gro (1 company).
- Invested after Bengal Capital: A total of 3 investors have invested in Bengal Capital's portfolio after their investments. Top Investors include Altmore Capital (1 company), Harbert Management (1 company) and Navy Capital (1 company).
Recent News related to Bengal Capital
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Body and Mind Inc. Closes Strategic Capital Raise and Enters New Jersey MarketCNW•Dec 22, 2022•Body and Mind, Bengal Capital, Mindset Capital
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XS Financial Receives $10 Million from Delayed Drawdown of Unsecured Convertible NotesACCESSWIRE•Oct 10, 2022•XS Financial, Urban-gro, Landrace Financial, Bengal Capital and 1 other
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Bengal Catalyst Fund, LP Holdings in Grown Rogue International Inc.CNW•Aug 10, 2022•Grown Rogue, Bengal Capital
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Cannabis Equipment Finance Company XS Financial Raises $43.5 MillionNew Cannabis Ventures•Nov 01, 2021•XS Financial, Urban-gro, Bengal Capital, KEY Investment Partners and 1 other
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