en.Wedoany.com Reported - Magnify Ventures today announced the closing of its second fund at $46.6 million. The new fund will invest in technology companies driving AI innovation and application in health, wealth, and family care. The fund received support from returning investor Pivotal Ventures (an organization affiliated with Melinda French Gates), with new investors including Jordan Park and Unum, and financing from the California Infrastructure and Economic Development Bank (IBank), alongside leading foundations, funds of funds, family offices, and visionary corporate leaders.
Erin Harkless Moore, Managing Director of Investments at Pivotal Ventures, stated that Magnify's investment in the care economy is an investment in one of society's most pressing issues—family health and well-being. Joanna and Julie understood this early on and were determined to enter a field that has long been under-resourced yet represents a $648 billion market opportunity. Investing in care benefits not only women and families but also the broader economy. Over the past four years, venture capital interest in the care economy has grown by 45%, with more than $26 billion invested in over 700 companies since 2015. Magnify Ventures' investments span the traditional care economy (from pregnancy to end-of-life care solutions) as well as healthcare, financial, and consumer systems centered around families.
Andy Nakahata, Executive Director of the California IBank, noted that IBank's venture capital program aims to expand capital access for innovative entrepreneurs and emerging funds driving California's future economy. Magnify Ventures is identifying founders who are key players in the care economy, addressing the most significant challenges facing families, caregivers, and communities. As AI reshapes industries, the care economy presents a compelling opportunity for innovation and growth. He expressed support for the second fund and for founders developing technologies that will modernize critical infrastructure, create jobs, and deliver tangible benefits to families.
With the second fund, Magnify Ventures will invest in founders who are moving beyond early-stage category platforms toward applied AI that directly improves how people live, work, and care for one another. This includes AI that reduces invisible household labor, agentic tools that enhance the quality and reduce the cost of health and family systems, and fintech infrastructure that modernizes how families build and protect wealth. The firm will also support founders building healthcare, family, and workplace infrastructure for modern families.
Julie Wroblewski, Co-founder and Managing Partner of Magnify Ventures, said the company is at a true inflection point in some of the world's largest and most underserved markets, including care, wealth, aging, and the broader health, consumer, and financial systems shaping family life. AI is the key to unlocking new opportunities in these markets, enabling innovative companies to create generational change. Through the second fund, Magnify will support founders defining a new era in the care economy, aging and longevity, and women's health. The firm is also the founding producer of the Care Summit, which will return to San Francisco on February 2, 2027.
Founders in Magnify's portfolio also shared their perspectives. Alexandra Mysoor, Co-founder and CEO of Alix, noted that handling estates for most families means hundreds of hours of practical and administrative work during one of life's most difficult times, with the process averaging 900 hours and taking 18 months. With the largest wealth transfer in history—over $120 trillion moving between generations—Alix is applying AI to simplify estate processing, helping families complete the transition more efficiently. Alan Charming Chan, Co-founder and CEO of Joy Parenting Club, introduced that Joy was built on a simple belief: every parent deserves the expert guidance and support that was once available only to a fortunate few. AI makes it possible to bring together trusted experts, personalized guidance, and essential resources in one place. Patrick Coughlin, Co-founder and CEO of Savi Security, stated that digital fraud is not only the fastest-growing crime in the U.S. but also the most economically damaging, costing Americans over $100 billion annually. Savi Security is building a seamless protection platform for families, and Magnify's unique expertise in family health and financial well-being provides immediate market insights and a valuable ecosystem of partners.
Magnify Ventures is a venture capital firm focused on the intersection of care, technology, and infrastructure, founded by Julie Wroblewski and Joanna Drake, and supported by Pivotal Ventures along with other leading foundations, funds of funds, family offices, and visionary corporate leaders.
