Melinda Gates’ firm backs Magnify Ventures’ $46.6M second fund
▼ Summary
– Magnify Ventures has raised $46.6 million for its second fund from LPs, including Melinda French Gates’ Pivotal Ventures.
– Founded in 2021 by Joanna Drake and Julie Wroblewski, Magnify invests in companies targeting the care economy, such as assistive robotics and AI for home use.
– Fund II will invest in companies building AI tools for households, health and home systems, and fintech infrastructure for families.
– Magnify previously raised a $52 million Fund I in 2022, anchored by Pivotal Ventures, and has backed childcare startup Kinside and children’s expense management startup Till Financial.
– Pivotal Ventures acts as both a GP and LP, backing care economy companies like Papa and Seen Health, with Magnify also investing in Papa.
Early-stage venture firm Magnify Ventures has closed its second fund at $46.6 million, with backing from high-profile limited partners including Melinda French Gates’ Pivotal Ventures. The firm, co-founded in 2021 by Joanna Drake and Julie Wroblewski, focuses on startups reshaping the care economy , a sector spanning assistive robotics, family cybersecurity, and AI-powered home solutions.
Magnify’s new fund, Fund II, will target companies developing AI tools for households, health and home systems, and fintech infrastructure designed for families. This marks a continued commitment to what the firm calls “the infrastructure of modern family life.”
The raise follows Magnify’s $52 million debut fund in 2022, which was also anchored by Pivotal Ventures. That first fund backed companies like childcare platform Kinside and children’s expense management app Till Financial , both of which also received investment from Pivotal Ventures.
Pivotal Ventures operates as both a general partner and limited partner, investing across the care economy. Its portfolio includes Papa, a caregiving startup also backed by Magnify Ventures, and Seen Health, a senior-focused care provider.
Magnify Ventures’ latest fund underscores a growing investor appetite for startups that address the intersection of technology and family care, a space often overlooked by traditional venture capital.
(Source: TechCrunch)