The key facts

  • Inspired Capital closed its fourth fund at $450 million; assets under management — nearly $1.4 billion
  • Per PitchBook, the Bay Area raised $352 billion in 2020–2025 (~46% of US venture capital), and last year 55% of new commitments
  • 12 companies from the first two funds became unicorns; more than 10 exits, including MosaicML ($1.3 billion, Databricks)

Fourth fund and asset growth

New York venture firm Inspired Capital, founded in 2019 by Alexa von Tobel and Penny Pritzker (former US Secretary of Commerce), closed its fourth fund with commitments of $450 million, von Tobel told TechCrunch. The new funds will bring the firm's assets under management to nearly $1.4 billion. The firm previously closed its third fund at $330 million in early 2024, its second at $281 million, and its debut fund at $200 million.

Capital concentration on the West Coast

The Bay Area attracted $352 billion for venture funds between 2020 and the end of 2025 — roughly 46% of all US venture capital, according to PitchBook. Last year, the share rose to 55% of all new commitments to American venture funds. Inspired's fund serves as an example of capital accumulating in other regions as well.

Strategy and results

The firm invests in roughly 10 companies a year at stages from 'napkin' to Series A, with checks from $1 million to $15 million. According to von Tobel, 12 companies from the first two funds became unicorns — about 15% of the portfolio. Ten of them exceeded $100 million in revenue, four exceeded $400 million, and one $500 million. The firm has more than 10 exits: MosaicML was acquired by Databricks for $1.3 billion in June, DeepTune was acquired by Mercor in July for an undisclosed amount, and Saturn was acquired by Snap last year. Fintech startup TeamShares went public in June via a SPAC. Von Tobel said the second fund ranks in the top 5% of its cohort across all metrics, but declined to disclose cash returns, citing the firm's youth.

Geography and approach

The portfolio is split roughly evenly: 45% East Coast, 45% West Coast, 10% elsewhere. Von Tobel notes that growing Silicon Valley companies often need a second talent hub, and New York becomes important. She said that in recent weeks at least 10 founders have approached her having chosen New York to avoid the 'job-hopping' hiring typical of San Francisco. At the same time, the firm's team is present in the Bay Area weekly. In its strategy, the firm picks themes early and avoids the crowd: instead of chasing AI applications, it backed startups in physical AI and quantum computing, including the creator-commerce platform ShopMy. About a third of the portfolio consists of repeat founders.

Secondary deals and von Tobel's position

The firm sells 'a few chips' when companies reach multi-billion-dollar valuations, but keeps more than 90% of its stake, using secondary deals mainly to increase positions in portfolio leaders. Inspired can also lead late primary rounds if it missed the early one, and has invested in companies valued above $100 million. Von Tobel, who previously founded the LearnVest platform (sold to Northwestern Mutual, reportedly for $375 million), cites the firm's patience and the combination of two coasts as its greatest strengths: 'We bring West Coast ambition with East Coast financial discipline.'