via TechCrunch
Melinda French Gates’ Pivotal Ventures Backs Magnify Ventures’ $46.6M Fund II
Early-stage venture firm Magnify Ventures has raised $46.6 million for its second fund, with backing from Melinda French Gates’ Pivotal Ventures. The fund, announced in early 2026, aims to invest in startups building the AI infrastructure layer of the care economy—a sector that continues to see rapid growth as aging populations and two-income households drive demand for tech-enabled care solutions.
Founded in 2021 by Joanna Drake and Julie Wroblewski, Magnify focuses on companies transforming how families manage care. Its portfolio spans assistive robotics, family cybersecurity, and AI-powered home tools. Fund II will specifically target AI tools for households, health and home systems, and fintech infrastructure for families, reflecting a deepening commitment to digitizing care workflows.
This follows Magnify’s $52 million Fund I, raised in 2022, which was also anchored by Pivotal Ventures. Notable investments from that fund include childcare startup Kinside and children’s expense management platform Till Financial—both also supported by Pivotal Ventures. Pivotal Ventures, which operates as both a GP and LP in the care economy, has additionally backed caregiving startups like Papa (where Magnify is also an investor) and Seen Health.
With Fund II, Magnify Ventures is doubling down on a thesis that sees AI as a critical enabler for the care economy—a market that is projected to exceed $1 trillion by 2030, driven by demographic shifts and rising consumer expectations for seamless, intelligent care solutions.