Luxury vacation home startup Inspirato (affiliate link, see below) has closed another round of financing – $20 million from Institutional Venture Partners, at a rumored valuation that’s significantly higher than the last round of funding closed last October.

This is a significant up round for one of our portfolio companies, and we’re proud to be part of the team.

Our investment last year wasn’t typical for CrunchFund. Most of our investments are in very early stage, often pre-launch, startups. But we’ve earmarked 20% or so of our fund for later stage investments that we see as extremely opportunistic. Inspirato, a company I’ve been tracking since it launched in February 2011, is exactly the kind of company we like to back. We appreciate Kleiner Perkins’ willingness to allow our relatively small investment in the round that they led.

It’s amazing to think of Inspirato as “later stage” when it’s less than…

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