Melinda Gates’ Investment Firm Supports Magnify Ventures in $46.6 Million Fund II Initiative
Magnify Ventures, a venture capital firm in its early stages, has successfully secured $46.6 million for its second fund, with notable support from Pivotal Ventures, the investment firm founded by Melinda French Gates.
Established in 2021 by Joanna Drake and Julie Wroblewski, Magnify Ventures focuses on investing in companies that are part of the care economy. This includes sectors such as assistive robotics, family cybersecurity, and artificial intelligence designed for home applications.
The firm announced that its second fund will target investments in companies developing AI solutions for household management, health and home systems, as well as financial technology infrastructure tailored for families.
Previously, Magnify raised $52 million for its first fund in 2022, which was also backed by Pivotal Ventures, and the firm has invested in companies like childcare startup Kinside and expense management platform Till Financial, where Pivotal was a co-investor.
Pivotal Ventures typically engages as both a general partner and limited partner, supporting initiatives within the care economy. Its portfolio includes caregiving firms like Papa, which Magnify Ventures has also invested in, and Seen Health.
