Backed by Pivotal Ventures and other leading LPs, Fund II will invest in AI infrastructure replacing today’s fragmented care systems
LOS ANGELES, July 1, 2026 /PRNewswire/ — Magnify Ventures, an early-stage venture capital firm focused on transforming the care economy, today announced the launch of Fund II with $46.6 million closed. The new fund will target category-defining technology companies driving innovation and use of AI in health, wealth and family care, and the systems that support them. Backed by returning investor Pivotal Ventures, a Melinda French Gates organization, the fund includes new investors Jordan Park and Unum, with financing from California Infrastructure and Economic Development Bank (IBank), alongside leading foundations, funds of funds, family offices and visionary business leaders.
“Magnify’s investment in the care economy is an investment in one of society’s most pressing issues: family health and well-being,” said Erin Harkless Moore, managing director of Investments at Pivotal Ventures. ”Joanna and Julie understood this early on and had the conviction to take on a sector that has long been under-resourced, despite being a $648 billion market opportunity. They saw that investing in caregiving benefits not only women and families, but also the broader economy. I can’t imagine a stronger team to carry this vision forward.”
A Once‑Overlooked Market Gains Momentum
Magnify Ventures launched Fund I with a thesis that the care economy, long under-built and underinvested, was poised to become a broad, investable ecosystem powered by emerging technologies and poised for transformation. Over the past four years, Magnify Ventures has built a portfolio of breakout companies defining new categories across parenting, aging, household optimization and financial resilience, while convening a growing community of founders, operators and investors around the opportunity.
Venture interest in the care economy has accelerated by 45% in 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. Magnify Ventures invests across the traditional care economy — from pregnancy through to end of life caregiving solutions — and into the healthcare, financial and consumer systems that surround families. As those markets have grown, so has Magnify Ventures’ conviction that its focus on families and caregiving creates a competitive edge well beyond the category’s traditional boundaries.
“IBank’s Venture Capital Program was created to expand access to capital for innovative entrepreneurs and emerging funds driving California’s future economy. Magnify Ventures is identifying founders who are tackling some of the most significant challenges facing families, caregivers, and communities as essential participants in the care economy,” said Andy Nakahata, executive director, California IBank. “As artificial intelligence reshapes industries, the care economy represents a compelling opportunity for innovation and growth. We are excited to support Fund II and the founders developing technologies that will modernize critical infrastructure, create jobs, and provide meaningful benefits to families.”
With Fund II, Magnify Ventures will invest in founders that are moving beyond early-category platforms into applied AI that directly improves how people live, work and care for one another. This includes AI that reduces the invisible labor of running a household, agentic tools that improve quality and reduce cost across health and home systems, and fintech infrastructure that modernizes how families build and protect wealth. The firm will also back founders building the healthcare, home and workplace infrastructure built for the modern family.
“We’re at a real inflection point in some of the world’s largest, most under leveraged markets: care, wealth, aging, and the broader health, consumer and financial systems that shape family life. AI is the key to unlocking new opportunities in markets that have been stagnant for decades, inspiring innovative companies to create generational change,” said Julie Wroblewski, co-founder and managing partner of Magnify Ventures. “With Fund II, we will back the founders defining the next era of the care economy, aging and longevity, and women’s health.”
Building that infrastructure takes more than capital. Magnify Ventures is the founding producer of the Care Summit, which brings together founders, investors and LPs across the care economy. The Care Summit will return to San Francisco February 2, 2027.
Founder Quotes
Alexandra Mysoor, Co-Founder and CEO, Alix
“For most families, settling an estate means navigating hundreds of hours of practical, financial, and administrative work during one of life’s hardest moments. Today, the process takes an average of 900 hours and 18 months to complete. As more than $120 trillion transfers across generations in the largest wealth transfer in history, Alix is applying AI to simplify estate settlement and help families navigate this transition more efficiently. Magnify recognized the scale of that opportunity early on, and their belief in us from day one has been invaluable to our growth.”
Alan Charming Chan, Co-Founder and CEO, Joy Parenting Club
“Joy is built on a simple belief: Every parent deserves access to the kind of expert guidance and support that was once available only to a fortunate few. For the first time, AI makes it possible to bring a family’s trusted experts, personalized guidance and essential resources together in one place, replacing the fragmented experience of juggling dozens of apps, websites and services. Magnify understood that vision because of their depth of knowledge in care, and their network and category expertise have helped us grow.”
Patrick Coughlin, Co-Founder and CEO, Savi Security
“Savi Security is building a seamless protection platform for families at a time when digital fraud is not just the fastest-growing crime in the country, but also the most financially damaging, costing Americans over $100 billion annually. Magnify’s unique domain expertise in families’ health and financial well-being has brought immediate market insights and an invaluable partner ecosystem to accelerate company growth.”
About Magnify Ventures
Magnify Ventures is a venture capital firm investing in category-defining companies at the intersection of care, technology and infrastructure. Founded by Julie Wroblewski and Joanna Drake, Magnify leads the new care economy by investing where others don’t yet see the opportunity, and building the ecosystem the category needs to grow. Magnify Ventures is anchored by Pivotal Ventures, a Melinda French Gates organization, and other leading foundations, funds of funds, family offices and visionary business leaders. For more information, visit www.magnify.vc.
View original content to download multimedia:https://www.prnewswire.com/news-releases/magnify-ventures-launches-new-fund-to-build-the-ai-infrastructure-layer-of-the-care-economy-302815536.html
SOURCE Magnify Ventures
Coin Market5 days ago
Coin Market5 days ago
Coin Market5 days ago
Coin Market5 days ago
Coin Market4 days ago
Technology4 days ago
Coin Market4 days ago
Coin Market4 days ago