Early-stage company Magnify Ventures has raised $46.6 million in its second fund from LPs including Melinda French Gates' Pivotal Ventures.
Founded in 2021 by Joanna Drake and Julie Wroblewski, Magnify invests in companies targeting the care economy, including companies building assistive robotics, family cybersecurity, and home AI.
The company said Fund II will invest in companies building AI tools for the home, health and home systems, and fintech infrastructure for families.
The venture last raised $52 million in Fund I in 2022 (Pivotal Ventures backed that fund) and has backed child care startup Kinside and child fee management startup Till Financial (Pivotal Ventures was also an investor).
Pivotal Ventures typically acts as a GP and LP, supporting companies building in the care economy. The company's investments include care startup Papa (Magnify Ventures was also an investor) and Seen Health.