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 raise brings the firm's assets under management to nearly $1.4 billion, according to von Tobel. It follows a $330 million third fund in early 2024, a $281 million second fund, and a $200 million debut fund.
The close comes as venture dollars concentrate heavily on the West Coast. Between 2020 and the end of 2025, PitchBook data cited by TechCrunch shows the Bay Area raised $352 billion for VC funds, roughly 46% of all U.S. venture capital; last year that share reached 55%. Inspired's portfolio is split roughly 45% East Coast, 45% West Coast, and 10% elsewhere, and von Tobel says the firm pays close attention to both coasts.
Inspired plans to keep its current pace of about 10 investments per year, with check sizes from $1 million to $15 million and stages ranging from 'napkin' to Series A. Von Tobel says 12 companies across the firm's first two funds have become unicorns, about 15% of the portfolio, and 10 have passed $100 million in revenue. Exits include MosaicML, acquired by Databricks for $1.3 billion; DeepTune, acquired by Mercor; Saturn, acquired by Snap; and TeamShares, which went public through a SPAC.
Von Tobel says 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. The firm also tends to keep more than 90% of its ownership in portfolio companies. "We bring West Coast ambition with East Coast financial discipline," she said.