Inspired Capital, the early-stage firm founded in 2019 by Alexa von Tobel and Penny Pritzker, has closed its fourth fund with $450 million in commitments. The new capital brings the firm’s assets under management to nearly $1.4 billion, von Tobel tells TechCrunch. The raise comes as venture dollars continue piling up on the West Coast. Between 2020 and the end of 2025, the Bay Area raised $352 billion for VC funds — roughly 46% of all U.S. venture capital, according to PitchBook. Last year, that share climbed to 55% of total new commitments to U.S. venture funds. New York-based Inspired’s new fund is a reminder that capital is accruing elsewhere, too.
Despite having money to invest, von Tobel says the firm is sticking to its formula. Inspired backs roughly 10 companies a year, anywhere between “napkin” stage and Series A, writing checks between $1 million and $15 million. Of the firm’s first two funds, 12 companies have become unicorns, representing about 15% of the portfolio. “Ten of them have passed $100 million in revenue, four have crossed $400 million and one has crossed $500 million,” she says.
Inspired counts more than 10 exits, including Mosaic ML (acquired for $1.3 billion in June by Databricks), Deep Tune, and Saturn (acquired by Snap). Another portfolio company, Team Shares, a fintech startup, went public in June through a special purpose acquisition vehicle. Von Tobel claimed the firm’s second fund ranks in the top 5% of its cohort by all metrics, though she declined to share cash-on-cash returns.
Inspired is not squarely focused on New York. Its portfolio is split roughly 45% East Coast, 45% West Coast and 10% elsewhere. The firm avoids the herd by picking themes early, backing physical AI and quantum computing startups. Roughly a third of its portfolio consists of repeat founders.
Source: TechCrunch Venture · Summarized by HeadlinesBriefing