Inspired Capital closes $450M fourth fund as New York pushes back on Silicon Valley’s gravitational pull

The raise comes as venture dollars pile up on the West Coast. 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 new capital will bring the firm’s assets under management to nearly $1.4 billion, von Tobel tells TechCrunch. The raise comes as venture dollars are piling up on the West Coast. Between 2020 and the end of 2025, the Bay Area had raised $352 billion for VC funds — roughly 46% of all U.S. venture capital, according to PitchBook. Last year, that percentage shot up even higher, with Bay Area firms locking down 55% of the total new commitments to U.S.

venture funds. New York-based Inspired’s new fund is a reminder that capital is accruing elsewhere, too. In fact, Inspired is growing: it closed a $330 million third fund in early 2024, following a $281 million second fund and its $200 million debut fund. Despite having money to invest, von Tobel says the firm is sticking to its formula. Inspired backs roughly 10 companies a year, which can be anywhere between “napkin” stage and Series A, writing checks between $1 million and $15 million. Pritzker, the former U.S. Commerce Secretary, remains an active co-founder in the firm. With six years of investing experience