Early-stage venture firm Magnify Ventures secured $46.6 million for its second investment vehicle, attracting backing from Melinda French Gates' Pivotal Ventures. Founded in 2021, Magnify focuses on companies addressing the care economy, including assistive robotics, family cybersecurity, and AI for home applications.

Fund II will target AI tools for households, health and home systems, and fintech infrastructure aimed at families. This follows Magnify’s $52 million Fund I raised in 2022, which also saw anchoring investment from Pivotal Ventures. The firm has previously backed Kinside and Till Financial.

Pivotal Ventures actively invests in the care economy, often acting as both a general and limited partner. Its portfolio includes investments in caregiving startups like Papa and Seen Health, demonstrating a sustained commitment to this sector.