Alexa von Tobel and Penny Pritzker, the cofounders of venture capital Inspired Capital.
LearnVest founder Alexa von Tobel and former U.S. Secretary of Commerce and billionaire heiress Penny Pritzker have raised $200 million for their venture firm Inspired Capital, the company announced on Tuesday. It is one of the biggest debut funds out of New York and an especially significant raise for a female-founded firm. Only 29% of venture capital firms with $100 million to $250 million in assets have any female check-writers, according to Pitchbook and All Raise’s recent report.
Von Tobel and Pritzker started their early-stage venture firm last January with the goal of raising $200 million, according to a SEC filing. Inspired Capital invests in seed and Series A stage technology-driven startups that appear to be on the path to profitability, according to a statement. Inspired Capital will write checks ranging from $500,000 to $10 million and the stake will vary based on investment size, von Tobel told Forbes by email.
The fund’s first investments show the range of businesses Inspired Capital’s partners are backing. They led the $4.9 million seed in the fintech company Rho Business Banking and participated in early rounds for retirement planning company Kindur and task management company Umbrella, according to Crunchbase. In June, Inspired Capital co-led a $22 million Series A investment round in Chief, a private network for female executives from the vice president level to CEO. It is one of the largest Series A investments raised by female founders this year.
66% of Inspired Capital’s check-writers are women, compared to 12% at all venture capital firms. Inspired Capital’s partners include Paperless Post cofounder Lucy Deland and former head of strategy at LearnVest Mark Batsiyan and Forbes 30 Under 30 venture capital alumna Charlotte Ross joined as a principal. Unlike some female-founded venture capital firms like BBG, Female Founders Fund and Halogen Ventures, Inspired Capital will not limit investments to companies with at least one female founder.
“We believe that we're moving toward a future world where funding is distributed across entrepreneurs of all shapes and sizes equally. While 74% of VC firms have zero female investors, and as entrepreneurs move toward gender parity, we do believe we have a highly unique competitive advantage at Inspired Capital,” von Tobel told Forbes, “Beyond that, our strategy is simple: Inspired Capital is a modern firm focused on the country's best entrepreneurs, who are building...durable businesses. Our doors are open to everyone, and we're excited about that future.”
