Melinda Gates’ venture firm backs Magnify Ventures’ $46.6M Fund II

Magnify Ventures, an early-stage investment firm, has successfully raised $46.6 million for its second fund, with significant backing from Melinda French Gates' Pivotal Ventures. Founded in 2021 by Joanna Drake and Julie Wroblewski, Magnify Ventures focuses on investments aimed at enhancing the care economy. This includes innovative companies developing assistive robotics, family cybersecurity solutions, and AI technologies designed for home use. The newly launched Fund II will concentrate on investing in businesses that create AI tools for household management, health and home systems, and financial technology infrastructure catering to families. Previously, the firm raised $52 million for its inaugural fund in 2022, also anchored by Pivotal Ventures. Magnify Ventures has already made significant investments in the child care sector, supporting startups like Kinside and Till Financial, both of which have drawn interest from Pivotal Ventures. Pivotal Ventures typically participates as both a general and limited partner, focusing on investments within the care economy, including caregiving startups such as Papa and Seen Health, where Magnify Ventures has also played a role.