Key facts
- Magnify Ventures closed its second fund at $46.6 million.
- Pivotal Ventures, Melinda French Gates' firm, is a key investor in Fund II.
- The fund will target AI infrastructure companies in health, wealth, and family care.
- Magnify Ventures' Fund I, raised in 2022, was also backed by Pivotal Ventures.
Magnify Ventures, an early-stage venture capital firm, has successfully closed its second fund at $46.6 million. The fund received significant backing from Pivotal Ventures, the firm founded by Melinda French Gates, which also anchored Magnify's first fund in 2022.
Founded in 2021 by Joanna Drake and Julie Wroblewski, Magnify Ventures focuses on investing in companies that address the care economy, with an emphasis on AI infrastructure for households, health, and family financial systems. The firm aims to support innovative solutions that reduce the burden of household management and improve the quality and accessibility of care.
Pivotal Ventures' involvement highlights a shared commitment to social impact and empowering diverse founders. The firm's investments align with a broader trend in venture capital towards prioritizing diversity and inclusion, recognizing their role in driving innovation and financial returns. Magnify's previous investments include child care startup Kinside and expense management startup Till Financial.