Inspired Capital, the New York early stage firm founded in 2019 by Alexa von Tobel and former US commerce secretary Penny Pritzker, has closed its fourth fund with 450 million dollars in commitments. The raise brings the firm’s assets under management to nearly 1.4 billion dollars, von Tobel told TechCrunch, and the firm also announced a revenue platform to help portfolio companies grow.
The fund is a step up in sequence: a 200 million dollar debut, a 281 million dollar second fund, and a 330 million dollar third fund closed in early 2024. Inspired said it will keep its existing formula, backing roughly 10 companies a year from pre-seed to Series A with cheques between 1 million and 15 million dollars, across areas including AI infrastructure, healthcare, defence, financial technology, robotics and consumer markets. Its portfolio splits roughly 45 percent East Coast, 45 percent West Coast and 10 percent elsewhere.
Von Tobel said 12 companies across the first two funds have become unicorns, about 15 percent of that portfolio, with 10 past 100 million dollars in revenue, four past 400 million dollars and one past 500 million dollars. The firm counts more than 10 exits, including MosaicML, acquired by Databricks for 1.3 billion dollars, Deeptune, acquired by Mercor, and Saturn, acquired by Snap. She declined to disclose cash on cash returns.
The close stands out for geography. PitchBook figures cited by TechCrunch put Bay Area funds at 352 billion dollars raised between 2020 and the end of 2025, about 46 percent of US venture capital, rising to 55 percent of new commitments last year. Fund IV is evidence that established managers outside the Bay Area can still grow, even as first time funds are squeezed.