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Two years after launching, Inspired Capital has finished raising its second fund

September 15, 2021 by David Barret Leave a Comment

Inspired Capital, the New York-based early-stage venture firm that was founded in 2019 by entrepreneurs Alexa von Tobel and Penny Pritzker, is today announcing the close of their second fund with $281 million in capital commitments, an amount that brings the firm’s total assets under management to nearly half a billion dollars. (Inspired raised $200 million for its debut fund.)

We talked earlier this week with von Tobel about the portfolio of 25 companies that her firm — which also counts as cofounders partner Lucy Deland and COO Mark Batsiyan — helped to fund with its first vehicle. We also talked, of course, about Inspired’s new fund, which, like its predecessor, will be used to invest in a wide range of companies, mostly, but not exclusively, in the U.S.

Excerpts from that conversation follow.

TC: You have a larger fund — will the strategy remain the same?

AV: We’re the same team, same strategy, same everything, so [writing] seed to Series A [checks]. We can go from early, early seed — truly, like a napkin idea —  all the way to writing $15 million checks. We’re still really collaborative, so we both lead and co-lead deals. We’re a generalist fund investing around the country, so our first fund was equally weighted on East and West Coasts by companies that ranged from many categories.

[Editor’s note: some of these include the business banking startup Rho, a LatAm real estate company called Habi, the embedded payments startup Finix, and an autonomous landscaping startup called Scythe that makes all-electric mowers and employs a robots-as-a-service revenue model.]

TC: You rolled out your first fund five months before the coronavirus shut down the U.S. How did that impact you?

AV: We stood up fund one in February, 2019, then I had my third child, then we closed the fund that summer, so yes, we literally went into COVID. But it was a brand-new fund with fresh capital, so by nature, any of the companies that we backed, we’d just backed, so they were in good shape; they had 24 months of runway.

Also, our team has over 55 years of connectivity. Lucy and I have known each other for 20 years. Mark and I have known each other for 11 years. Penny and I have known each other for almost a decade. Our VP of platform has been with me for 12 years. Even [my PR firm] has been with me for almost 12 years, so that allowed us to be extremely nimble to what was happening in the world.

TC: You founded and sold a financial planning company, LearnVest. Inspired isn’t funding fintech exclusively, but it sounds like you are investing only in the U.S. when there’s a lot happening in fintech elsewhere, too.

AV: We invested 40% of our first fund on the East Coast, 40% on the West Coast, and 20% in the middle of the country, as well as internationally. For example, we have a great [Bogota, Colombia-based] portfolio company called Habi that’s on an exceptional course and that just raised $100 million led by SoftBank. I’ve known [cofounder Brynne McNulty Rojas] for years, and we had a really clear thesis on the category, so I went and tapped her on the shoulder and said, ‘Can we back you?’

TC: Which companies have received the most capital from Inspired so far?

AV: Habi is one. Another is Dandy [a company that’s trying to modernize the dental lab process]. A third is Orum that we helped incubate. [It aims to speed up interbank transfer and closed on $56 million in Series B funding in June.] It was super early. It was my old team from LearnVest.

TC: Are you planning to incubate more companies, or was that more of an anomaly?

AV: When the stars properly align, you will absolutely see more of that from us.

Source Link Two years after launching, Inspired Capital has finished raising its second fund

David Barret
David Barret

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