Magnify Ventures raises $46.6M Fund II with Pivotal Ventures backing
Original: Melinda Gates’ venture firm backs Magnify Ventures’ $46.6M Fund II
Why This Matters
Continued institutional backing signals growing VC interest in care economy and family-focused AI startups.
Early-stage firm Magnify Ventures has closed a $46.6M Fund II, with Melinda French Gates' Pivotal Ventures among LPs. Founded in 2021, the firm targets the care economy, investing in AI tools for households, health and home systems, and family fintech infrastructure.
Magnify Ventures, an early-stage venture firm founded in 2021 by Joanna Drake and Julie Wroblewski, has raised $46.6 million for its second fund. Limited partners include Melinda French Gates' Pivotal Ventures, which also anchored the firm's $52 million Fund I in 2022. Fund II will focus on companies building AI tools for households, health and home systems, and fintech infrastructure for families — areas that broadly fall under the 'care economy.' Past investments from Magnify include childcare startup Kinside and children's expense management startup Till Financial. Pivotal Ventures operates as both a GP and LP in the care economy space, with a portfolio that includes caregiving startups Papa and Seen Health, both of which overlap with Magnify's investment thesis.