technology
Magnify Ventures raises $46.6 million for second fund
Early-stage firm Magnify Ventures closed a $46.6 million Fund II with participation from Melinda French Gates’ Pivotal Ventures. The fund targets AI and fintech tools for households and families.
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Magnify Ventures raised $46.6 million for its second fund after closing a $52 million first fund in 2022; Melinda French Gates’ Pivotal Ventures participated as a limited partner in both vehicles. The firm was founded in 2021 by Joanna Drake and Julie Wroblewski.
It invests in companies addressing the care economy, including assistive robotics, family cybersecurity and AI applications for home use.
Fund II will back companies building AI tools for households, health and home systems, and fintech infrastructure for families, the firm stated. The firm has backed childcare startup Kinside and children’s expense management startup Till Financial.
Pivotal Ventures invests in the care economy as both a general and limited partner. Its portfolio includes caregiving startups Papa and Seen Health.
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