Melinda Gates’ venture firm is backing Magnify Ventures’ second fund with $46.6 million

Magnify Ventures raised interest at an early stage $46.6 million for the second fund of LPs including the pivotal projects of Melinda French Gates.

Founded in 2021 by Joanna Drake and Julie Wroblewski, Magnify invests in companies targeting the care economy, such as those building assistive robots, family cybersecurity, and artificial intelligence for home use.

The second fund will invest in companies that build AI tools for families, health and home systems, and fintech infrastructure for families, the company said.

The investment firm last raised a fund of $52 million in 2022 (Pivotal Ventures anchored this fund)has been supported Start Kincaid Child Care And start managing children’s expenses Even financial (In which Pivotal Ventures was also an investor.)

Pivotal Ventures generally acts as a General Partner and LP, backing companies operating in the care economy. Its investments include caregiving startup Papa (in which Magnify Ventures was also an investor) and Seen Health.