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 will bring the firm’s assets under management to nearly $1.4 billion, von Tobel tells TechCrunch. The raise comes as venture dollars are piling up on the West Coast.
Between 2020 and the end of 2025, the Bay Area had raised $352 billion for VC funds — roughly 46% of all U.S. venture capital, according to PitchBook. Last year, that percentage shot up even higher, with Bay Area firms locking down 55% of the total new commitments to U.S. venture funds. New York-based Inspired’s new fund is a reminder that capital is accruing elsewhere, too.
In fact, Inspired is growing: it closed a $330 million third fund in early 2024, following a $281 million second fund and its $200 million debut fund. Despite having money to invest, von Tobel says the firm is sticking to its formula. Inspired backs roughly 10 companies a year, which can be anywhere between “napkin” stage and Series A, writing checks between $1 million and $15 million.
Pritzker, the former U.S. Commerce Secretary, remains an active co-founder in the firm. With six years of investing experience under her belt, von Tobel is now willing to talk about results, too.
She says that 12 companies across the firm’s first two funds have become unicorns, representing about 15% of the portfolio. Perhaps more relevant to the firm’s limited partners, Inspired counts more than 10 exits, including MosaicML (acquired for $1.3 billion in June by Databricks), DeepTune (which Mercor acquired in July for an undisclosed amount), and Saturn (snapped up last year by Snap). Another portfolio company, TeamShares, a fintech startup that buys up other businesses, 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, citing the relative newness of the firm. To be clear, Inspired is not squarely focused on New York. Its portfolio is split roughly 45% East Coast, 45% West Coast and 10% elsewhere.
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