Early-stage company 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, including assistive robotics, family cybersecurity, and building home AI.
The company said Fund II will invest in companies building AI tools for home, 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 child care startup Kinside and child expense management startup Till Financial (in which Pivotal Ventures is also an investor).
Pivotal Ventures generally acts as a GP and LP supporting companies building the care economy. Investments include care startups Papa (Magnify Ventures is also an investor) and Seen Health.
