Magnify Ventures, an early-stage firm, has secured $46.6 million for its second fund from LPs, with contributions from Melinda French Gates’ Pivotal Ventures.

Established in 2021 by Joanna Drake and Julie Wroblewski, Magnify focuses on investing in businesses that serve the care economy, including those developing assistive robotics, family cybersecurity solutions, and home-focused AI technologies. 

The firm indicated that Fund II will channel investments into companies creating AI applications for households, health and home systems, and financial technology infrastructure for families.

Previously, the venture firm raised a $52 million Fund I in 2022 (with Pivotal Ventures anchoring that fund) and has invested in childcare platform Kinside and children’s expense management company Till Financial (Pivotal Ventures also had a stake in this venture).

Pivotal Ventures typically operates as both GP and LP, supporting firms developing within the care economy. Its portfolio includes caregiving startups such as Papa (in which Magnify Ventures has also invested) and Seen Health.