Inspired Capital closes fourth fund at $450 million

Inspired Capital closed its fourth venture fund at $450 million, up from the $330 million third fund it closed in early 2024. The New York early-stage firm, founded in 2019 by Alexa von Tobel and former U.S. Commerce Secretary Penny Pritzker, now manages nearly $1.4 billion, von Tobel told TechCrunch.

Fund size has climbed with each vintage: a $200 million debut, a $281 million second fund, then the $330 million third. Inspired writes checks of $1 million to $15 million and backs about 10 companies a year from the earliest stage through Series A; roughly a third of its portfolio is led by repeat founders, according to the report.

For advisors whose clients hold the fund through feeders, the cash-return terms come from von Tobel: Inspired generally keeps more than 90% of its ownership after a multibillion-dollar valuation, selling only "a few chips." Secondaries, in her account, are used mainly to add to breakout positions rather than to return capital.

The firm says 12 companies across its first two funds have become unicorns, about 15% of that portfolio. It reports more than 10 exits, including MosaicML, acquired by Databricks; Deeptune, acquired by Mercor; and Saturn, acquired by Snap.

Von Tobel said the second fund ranks in the top 5% of its cohort but declined to disclose cash-on-cash returns, citing the firm's relative youth. The portfolio is roughly 45% East Coast, 45% West Coast and 10% elsewhere, and Inspired has backed physical AI and quantum computing startups rather than AI applications.