Early-stage firm 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 that target the care economy, such as those building assistive robotics, family cybersecurity, and AI for home use.
The firm said Fund II will invest in companies that build AI tools for households, health and home systems, and fintech infrastructure for families.
The venture firm last raised a $52 million Fund I in 2022 (Pivotal Ventures anchored that fund) and has backed childcare startup Kinside and children’s expense management startup Till Financial (in which Pivotal Ventures was also an investor).
Pivotal Ventures generally acts as a GP and LP, backing companies building in the care economy. Its investments include caregiving startups Papa (in which Magnify Ventures was also an investor) and Seen Health.