Inspired Capital closes $450 million fourth venture fund

Inspired Capital closed its fourth venture fund at $450 million in commitments, founder Alexa von Tobel told TechCrunch.

Fund IV is $120 million larger than the $330 million third fund it closed in early 2024; its first fund was $200 million and its second was $281 million. The New York firm, founded in 2019 by von Tobel and former U.S. Commerce Secretary Penny Pritzker, manages nearly $1.4 billion after the close, according to the HedgeCo News report published Oct. 21.

For a wealth client reaching the fund through a feeder, the material question is how the extra $120 million changes a portfolio cadence the firm describes as unchanged. At about 10 companies a year, the extra $120 million has to land somewhere: bigger checks, more names, or reserves for follow-ons. The report does not break down the split.

The firm says it will continue to invest from earliest stage through Series A with checks of $1 million to $15 million; roughly a third of the portfolio is led by repeat founders.

Von Tobel said Inspired will sell "a few chips" once a company reaches a multibillion-dollar valuation but generally keeps more than 90% of its ownership, using secondaries mainly to add to positions in breakout companies. She cited MosaicML, acquired by Databricks, Deeptune, acquired by Mercor, and Saturn, acquired by Snap as exits. She did not disclose cash-on-cash returns, citing the firm's relative youth.

The portfolio is split roughly 45% East Coast, 45% West Coast and 10% elsewhere. The firm says it has backed physical AI and quantum computing rather than AI applications.