Melinda Gates' venture firm backs Magnify Ventures' $46.6M Fund II
Early-stage venture firm Magnify Ventures has raised $46.6 million for its second fund, with Melinda French Gates' Pivotal Ventures as a limited partner.
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Magnify Ventures, an early-stage venture capital firm, has closed $46.6 million for its second fund, Fund II. Among the limited partners is Pivotal Ventures, the investment firm founded by Melinda French Gates.
Founded in 2021 by Joanna Drake and Julie Wroblewski, Magnify invests in companies operating in the care economy. Its focus areas include assistive robotics, family cybersecurity, and artificial intelligence for home use. The firm said Fund II will target companies building AI tools for households, health and home systems, and fintech infrastructure for families.
Magnify previously raised $52 million for its first fund in 2022, which was also anchored by Pivotal Ventures. Its portfolio includes childcare startup Kinside and children's expense management startup Till Financial, both of which also received investments from Pivotal.
Pivotal Ventures typically acts as a general partner and limited partner, backing companies in the care economy. Its investments include caregiving startups Papa (in which Magnify Ventures also invested) and Seen Health.
