Magnify Ventures raises $46.6 million for second care economy fund

Early-stage venture capital firm Magnify Ventures has raised $46.6 million for its second fund. The capital was raised from limited partners (LPs)—defined as investors in a venture capital fund—including Pivotal Ventures, an investment and incubation company associated with Melinda French Gates. Magnify Ventures was founded in 2021 by Joanna Drake and Julie Wroblewski. The firm focuses its investments on the care economy, which is the economic sector focused on caregiving services and related technology. Under this investment mandate, the firm backs companies targeting areas such as assistive robotics, family cybersecurity, and artificial intelligence for home use.

With the newly raised Fund II, the firm will deploy its capital into companies that build artificial intelligence tools for households, health and home systems, and fintech infrastructure designed for families. This investment strategy builds on the firm’s established focus on the care economy, targeting technological solutions for household management and family support.

The close of Fund II follows the firm’s first fund, a $52 million vehicle raised in 2022. Pivotal Ventures served as the anchor investor for that initial fund, establishing an ongoing investment relationship between the two entities. Pivotal Ventures continues its support as a limited partner in Fund II. Through its investment vehicles, Magnify Ventures has backed several companies operating within the care sector, often alongside Pivotal Ventures. Pivotal Ventures itself generally acts as both a general partner (GP) and a limited partner (LP) to back companies building in the care economy.

The portfolio companies associated with these investment efforts include:

• Kinside, a childcare startup backed by Magnify Ventures.
• Till Financial, a children’s expense management startup backed by Magnify Ventures, in which Pivotal Ventures was also an investor.
• Papa, a caregiving startup in which Magnify Ventures was an investor, and which is also in Pivotal Ventures’ investment portfolio.
• Seen Health, a caregiving startup that has received investment from Pivotal Ventures.

Why it matters

The firm’s continued focus on the care economy highlights the growing investor appetite for technology that addresses household management, health systems, and family-focused financial infrastructure.