- Magnify Ventures has closed its $46.6 million Fund II, with support from returning investor Pivotal Ventures and new backers Jordan Park, Unum, and California’s IBank.
- With this latest fund, Magnify’s total capital across both funds is close to $100 million, though the July 1 press release does not state this explicitly. Fund I closed at $52 million in 2022 and supported 21 companies.
- The fund’s $648 billion market size estimate comes from a 2021 report that Magnify helped create.
Julie Wroblewski, who was a certified nursing assistant in rural Minnesota, co-founded Magnify Ventures with Joanna Drake in 2021. The firm is anchored by an LP focused on advancing women’s economic power, a dynamic that Tech Funding News has covered in its own tracking of how little venture capital reaches female-led teams.
Venture interest in the care economy has grown by 45% over the last four years, with more than $26 billion invested in over 700 companies since 2015, according to The Holding Co., in partnership with Pivotal Ventures.
Earlier this week, Magnify announced its $46.6 million Fund II. Its Fund I closed at $52 million in 2022 and supported 21 companies, including the childcare marketplace Kinside. Together, Magnify has raised nearly $100 million, believing that AI can modernise a category that venture capital has often overlooked.
A returning backer, a new one
Pivotal Ventures, Melinda French Gates’ investment firm, led Fund I and has returned for Fund II.
Erin Harkless Moore, managing director of investments, called the care economy “one of society’s most pressing issues” and said Wroblewski and Drake “had the conviction to take on a sector that has long been under-resourced, despite being a $648 billion market opportunity.”
New Fund II investors include Jordan Park Group, a San Francisco multi-family office managing about $18 billion, and Unum. The fund also received support from California’s Infrastructure and Economic Development Bank, a public lender rarely seen in venture fund announcements.
IBank’s executive director, Andy Nakahata, connected the state’s involvement to job creation: “As artificial intelligence reshapes industries, the care economy represents a compelling opportunity for innovation and growth.”
Portfolio highlights and data gaps
Of the three companies named in the release, Alix and Savi Security are already Magnify investments, not new Fund II allocations, as Fund II has not yet started deploying capital.
Alexandra Mysoor, CEO of estate-settlement startup Alix, pointed to the upcoming “$120 trillion” generational wealth transfer as key to the company’s mission. Independent reports from Alix’s Series A last year estimate this at $124 trillion.
Joy co-founder Alan Charming Chan, whose parenting platform received Magnify’s support in its 2024 seed round, said Joy ends “the fragmented experience of juggling dozens of apps.”
Savi Security’s Patrick Coughlin, who co-founded the company after an AI voice clone targeted their mother, said fraud costs Americans over $100 billion annually. This number is much higher than the FTC’s 2025 record of $15.9 billion in reported losses and the FBI’s estimate of $20.9 billion.
Open questions remain
Since Fund II has not started deploying capital, the three portfolio companies are examples of Magnify’s approach rather than signs of its future direction. It remains unclear whether AI infrastructure for the care economy will become a mainstream venture capital category or continue to be supported by a small group of mission-driven investors.
Magnify now has the resources to explore this potential, but clear results are still to come.
