Inspired Capital, an early-stage investment firm co-founded by Alexa von Tobel and Penny Pritzker in 2019, has completed fundraising for its fourth fund, securing $450 million in committed capital. Von Tobel told TechCrunch that this new capital will bring the firm’s assets under management to nearly $1.4 billion.
At the conclusion of this fundraising round, venture capital funding continues to concentrate along the U.S. West Coast. According to PitchBook data, from 2020 through the end of 2025, the Bay Area raised $352 billion for venture funds, accounting for approximately 46% of total U.S. venture capital. Last year, this share increased further, with Bay Area firms securing 55% of all committed capital in new U.S. venture funds.
However, the new fund Inspired, headquartered in New York, also reminds the market that capital is flowing to other regions as well. In fact, Inspired itself is expanding: the company completed its third fund raising of $330 million in early 2024, following a second fund of $281 million and a first fund of $200 million.
Despite having more capital available to invest, von Tobel said the company will stick to its existing model. Inspired invests in approximately 10 companies each year, covering startups from the “napkin stage” through Series A, with individual investment checks ranging from $1 million to $15 million. Pritzker, former U.S. Secretary of Commerce, remains an active co-founder of the firm.
After six years of investment experience, von Tobel is now willing to discuss performance. She said that 12 companies from the firm’s first two funds have grown into unicorns, accounting for about 15% of the portfolio. “Ten of them have generated over $100 million in revenue, four have surpassed $400 million, and one has exceeded $500 million.”
For the limited partners of the company, exit scenarios may be more relevant. Inspired has already achieved over ten exits, including MosaicML—acquired by Databricks in June for $1.3 billion; DeepTune—acquired by Mercor in July, with the amount undisclosed; and Saturn—acquired by Snap last year.
Another portfolio company, TeamShares, is a fintech startup that has expanded through acquisitions and went public via a special purpose acquisition company in June. Von Tobel stated that the firm’s second fund ranks in the top 5% among its peer funds by various metrics, but she declined to disclose the cash-on-cash multiple, citing the company’s relatively short history.
It should be noted that Inspired is not solely focused on New York. Its portfolio is roughly distributed as follows: 45% on the East Coast, 45% on the West Coast, and 10% elsewhere. She explained that this balance reflects how startups grow. “A company that becomes very successful in Silicon Valley often wants and needs a second talent hub, and New York becomes critically important,” she said.
Of course, for some other entrepreneurs, New York is the only choice. On this point, von Tobel said that in recent weeks, she has spoken with at least ten founders who specifically chose New York to avoid hiring employees who frequently switch jobs and lack loyalty to any single company—a phenomenon she says is common in San Francisco.
However, von Tobel does not underestimate Silicon Valley. She said that someone from the company’s team is stationed in the Bay Area every week, and she herself frequently visits the region. “We must give high attention to both coasts,” she said.
Regarding investment strategy, she described Inspired as an institution that selects themes early and avoids chasing trends whenever possible. She noted that while many companies are pursuing AI applications, Inspired invests in physical AI and quantum computing startups. She added that Inspired discovered the creator e-commerce platform ShopMy based on this same investment logic.
Like many of its peers, Inspired has a preference for supporting serial entrepreneurs. Von Tobel noted that approximately one-third of the company’s portfolio consists of companies founded by repeat entrepreneurs.
When asked about her views on secondary transactions, she said that once a company’s valuation reaches billions of dollars, Inspired will sell “a small portion” of its stake, but typically retains over 90% of its ownership, with proceeds from secondary sales primarily used to increase holdings in standout portfolio companies. She also noted that if Inspired missed the early rounds, it would lead subsequent primary financings; according to von Tobel, the firm has also invested in companies with valuations exceeding $100 million.
Von Tobel launched the online financial learning platform LearnVest on the TechCrunch 50 stage in 2009 and sold it six years later for an alleged $375 million to Northwestern Mutual. She maintains that Inspired’s greatest strength lies in its patience and its ability to combine the advantages of both the U.S. East and West Coasts.
She said, "We combine the ambition of the West Coast with the financial discipline of the East Coast."