The Inspired Capital fourth fund has closed at $450 million, bringing the New York venture firm’s assets under management to nearly $1.4 billion. The fundraising comes as Silicon Valley continues to attract a growing share of U.S. venture capital.
Founded in 2019 by Alexa von Tobel and former U.S. Commerce Secretary Penny Pritzker, Inspired Capital focuses on early-stage technology companies. Its latest fund follows a $330 million third fund in 2024, a $281 million second fund and a $200 million debut.
Inspired Capital Fourth Fund Maintains Early-Stage Strategy
Despite raising more capital, Inspired plans to maintain its existing investment approach. The firm backs about 10 startups annually, typically investing $1 million to $15 million from pre-seed through Series A.
Von Tobel said the portfolio has produced several major successes. The firm reports at least 10 unicorn investments and more than 10 exits. Ten portfolio companies have surpassed $100 million in annual revenue, while four have exceeded $400 million.
Notable exits include MosaicML, acquired by Databricks for $1.3 billion, and Deeptune, which develops training environments for AI agents. Mercor announced the acquisition in July but did not disclose the purchase price.
TechAmerica.ai also reported on Mercor’s expansion and its discussions about additional funding.
Another portfolio company, Teamshares, went public in June through a special purpose acquisition company merger. The transaction included $126.5 million in PIPE financing, providing additional capital alongside its Nasdaq listing.
New York Gains Ground Despite Silicon Valley’s Dominance
The fund closes during a period of concentrated venture fundraising. According to PitchBook, Bay Area firms secured approximately $352 billion between 2020 and 2025. That represented about 46% of U.S. venture fund commitments during the period.
In 2025 alone, the region captured 55% of new U.S. venture capital commitments.
Inspired maintains a geographically balanced portfolio, with approximately 45% of investments on each coast and 10% elsewhere. Von Tobel said New York offers access to experienced talent and founders seeking alternatives to Silicon Valley.
Nevertheless, the firm remains active in the Bay Area, with team members visiting regularly to identify investment opportunities.
Inspired Capital Focuses on Long-Term Investments
Inspired targets emerging sectors before they attract widespread investor attention. Its portfolio includes physical AI, quantum computing and creator-commerce businesses such as ShopMy.
Approximately one-third of its investments involve repeat founders. The firm also favors long-term ownership, generally retaining more than 90% of its holdings while occasionally selling small stakes in highly valued companies.
Von Tobel said Inspired may also participate in later funding rounds when opportunities fit its investment strategy.
With $450 million in fresh commitments, the firm intends to maintain its selective approach. Its expansion demonstrates that substantial early-stage investment capital remains available beyond Silicon Valley.
