Early-stage investment firm Magnify Ventures has secured $46.6 million for its second investment fund, with limited partners including Melinda French Gates’ Pivotal Ventures.
Established in 2021 by Joanna Drake and Julie Wroblewski, Magnify Ventures focuses on startups addressing the care economy. Its portfolio includes companies developing technologies such as assistive robotics, family-focused cybersecurity solutions, and artificial intelligence tools designed for home use.
According to the firm, its newly launched Fund II will target businesses building AI-powered products for households, healthcare and home systems, as well as financial technology infrastructure that supports families.
Magnify previously closed its first fund at $52 million in 2022, with Pivotal Ventures serving as the anchor investor. Through that fund, the firm invested in childcare startup Kinside and children’s financial management platform Till Financial, another company that also counted Pivotal Ventures among its investors.
Pivotal Ventures regularly participates in the care economy both as a general partner and as a limited partner, supporting companies developing solutions for caregiving and family services. Its investment portfolio includes caregiving startup Papa, which also received backing from Magnify Ventures, as well as healthcare-focused company Seen Health.
