Overview of Magnify Ventures’ Fund II
Early-stage firm Magnify Ventures has closed a $46.6 million Fund II, with backing from Melinda French Gates’ investment firm Pivotal Ventures. The fundraise underscores continued interest in the care economy, a sector Magnify has focused on since its inception.
Founding and Investment Focus
Founded in 2021 by Joanna Drake and Julie Wroblewski, Magnify Ventures invests in companies targeting the care economy. Its portfolio includes companies developing assistive robotics, family cybersecurity solutions, and AI applications for home use. The firm’s previous fund, a $52 million Fund I raised in 2022, backed companies such as an unnamed children’s expense management startup in which Pivotal Ventures was also an investor.
Fund II Strategy
Magnify’s Fund II will focus on companies building AI tools for households, health and home systems, and fintech infrastructure for families. This aligns with the firm’s mission to support innovations that improve daily life for families and caregivers.
Pivotal Ventures’ Role
Pivotal Ventures, led by Melinda French Gates, acts as both a general partner and limited partner, backing companies within the care economy. Its investments include caregiving startups Papa (which also counts Magnify Ventures as an investor) and Seen Health. The relationship between the two firms extends beyond Fund II, as Pivotal also participated in Magnify’s earlier investments.
Industry Context and Event
The announcement comes ahead of the TechCrunch Founder Summit, scheduled for November 4 in Boston. Attendees can save up to $190 on passes until June 26, 2026, at 11:59 p.m. PT. The summit will gather over 1,000 founders and VCs to discuss scaling challenges and networking.
Magnify Ventures’ latest fund brings its total capital under management to nearly $100 million, signaling strong LP confidence in its care economy thesis.