Magnify Ventures has successfully raised $46.6 million for its second fund, with investment from Pivotal Ventures, led by Melinda French Gates. The new fund will focus on companies in the care economy, targeting AI tools for households and fintech solutions for families.
Magnify Ventures has announced the successful raise of $46.6 million for its second fund, known as Fund II. This funding round includes participation from notable investors, including Pivotal Ventures, an organization founded by Melinda French Gates.
Founded in 2021 by Joanna Drake and Julie Wroblewski, Magnify Ventures specializes in investing within the care economy, addressing sectors like assistive robotics, family cybersecurity, and AI technologies for household applications. Fund II will specifically target companies developing AI tools for home use and fintech infrastructure catered to families.
The firm previously raised $52 million for its inaugural Fund I in 2022, also anchored by Pivotal Ventures. Magnify Ventures has invested in various startups, including Kinside, which focuses on childcare, and Till Financial, which manages children's expenses, both of which also had Pivotal Ventures as an investor.
Pivotal Ventures functions as both a general partner and limited partner in these investment rounds, actively backing enterprises within the care economy. Their portfolio includes startups like Papa and Seen Health, further solidifying their commitment to supporting innovative solutions in this sector.
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Magnify Ventures has successfully raised $46.6 million for its second fund, with investment from Pivotal Ventures, led by Melinda French Gates. The new fund will focus on companies in the care economy, targeting AI tools for households and fintech solutions for families.