Magnify Ventures has closed $46.6 million for its second fund, which will invest in early-stage companies building AI-powered technology for households, healthcare and family finances. Pivotal Ventures, the organization founded by Melinda French Gates, returned as a limited partner after anchoring Magnify’s first fund.
New investors in Fund II include wealth management firm Jordan Park and insurance company Unum. The fund also received financing from the California Infrastructure and Economic Development Bank, alongside commitments from foundations, family offices, funds of funds and business leaders.
Fund II Targets AI Infrastructure for Care
Magnify said in its official announcement that Fund II will support technology companies working across health, wealth and family care. Its target areas include healthcare infrastructure, financial tools for families, household management systems, aging, longevity and women’s health.
The firm invests at the pre-seed and seed stages, typically providing between $250,000 and $2 million. Its wider investment focus includes assistive robotics, AI for the home, family cybersecurity, maternal care, mental health, workplace benefits and technology that helps older adults remain at home.
Co-founders Joanna Drake and Julie Wroblewski established Magnify Ventures in 2021. The firm views care as a large economic category that spans healthcare, household work, financial services and the technology used to support families.
Pivotal Ventures Returns After Backing Fund I
Magnify closed its first fund at $52 million in 2022, exceeding its original fundraising target. Pivotal Ventures served as an anchor investor in that fund and has continued to invest in fund managers and companies addressing caregiving, women’s health and financial access.
Fund I investments include childcare benefits platform Kinside and Till Financial, which developed spending and financial management tools for children and families. Pivotal Ventures also invested in Till Financial.
Magnify and Pivotal have both backed Papa, a company that connects older adults and families with people who can provide companionship and practical support. Pivotal’s wider portfolio includes Seen Health, which provides care services for older adults.
The firms expect AI to become a larger part of household and care infrastructure as companies develop systems for managing health information, family finances and daily responsibilities. Magnify said Fund II will focus on founders building technology that replaces fragmented processes used by families and care providers.
Featured image credits: Magnific.com
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