#United States #Los Angeles #Care Economy #Magnify Ventures #Pivotal Ventures

Magnify Ventures Launches Fund II

Los Angeles, July 1, 2026 - Magnify Ventures, a venture capital firm known for its focus on transforming the care economy, has officially announced the launch of its second investment fund, dubbed Fund II, which closed at an impressive $46.6 million. This initiative aims to target software technologies that enhance the efficiency and effectiveness of care systems, leveraging artificial intelligence to redefine the landscape of health, wealth, and family care.

Fund II is backed by several notable investors including Pivotal Ventures—an organization led by Melinda French Gates—along with new contributors such as Jordan Park and Unum. Additionally, funding from California's Infrastructure and Economic Development Bank (IBank) has been secured, reflecting a robust coalition of support from foundations, funds of funds, family offices, and influential business leaders.

Investing in a Market of Opportunity

According to Erin Harkless Moore, managing director of Investments at Pivotal Ventures, "Magnify's investment in the care economy is an investment in one of society's most pressing issues: family health and well-being." She and her colleagues recognize the urgency of addressing the historically under-resourced care sectors, with the market representing a staggering potential of $648 billion. Moore continues to express confidence in Magnify’s founders, Joanna Drake and Julie Wroblewski, stating their vision to push the boundaries of innovation in caregiving.

Magnify Ventures initially launched Fund I, realizing the potential within the care economy that has been overlooked for decades. The firm has since curated a portfolio of pioneering companies that cover diverse needs—ranging from parenting to aging, household management, and financial well-being. Over the past four years, venture investment activities in the care economy have surged by 45% with more than $26 billion allocated to over 700 companies since 2015.

A Competitive Edge Through Focus

Magnify Ventures has strategically aligned its investments with the traditional care economy, encapsulating various stages from pregnancy through eldercare. As these markets evolve, the firm believes that its emphasis on families and caregiving gives it a unique advantage in a landscape full of opportunity. Andy Nakahata, executive director of California IBank, noted that their Venture Capital Program is crucial in empowering innovative entrepreneurs while supporting the economy.

In leveraging AI, Magnify Ventures intends to support technologies that substantially alleviate the often unnoticed hardships of managing households, improve healthcare delivery, and modernize financial planning tools for families. The focus will extend beyond mere tech applications, aiming to back founders who enhance overall life quality and family interactions through innovation in the workplace and at home.

Julie Wroblewski stated, "We are at an inflection point in some of the world's most underleveraged markets—care, wealth, and the interlinked health, consumer, and financial systems that define family life. AI is pivotal in unlocking new opportunities in these stagnant markets, driving the emergence of transformative companies."

Recognizing these insights as more than just capital investments, Magnify Ventures is also the founding producer behind the Care Summit, an event designed to unite founders, investors, and limited partners within the care economy. The next summit is scheduled for February 2, 2027, in San Francisco.

Success Stories from the First Fund

Magnify Ventures’ efforts have already borne fruit, as echoed by several founders supported by its initial investments. For example, Alexandra Mysoor, co-founder of Alix, explained how her company streamlines the estate settlement process—a laborious duty often requiring over 900 hours of work during challenging times—by leveraging AI technology.

Similarly, Alan Charming Chan, co-founder of Joy Parenting Club, mentioned how AI amalgamates expert guidance for parents, overcoming the inconvenience of juggling various services. Lastly, Patrick Coughlin from Savi Security praised Magnify’s expertise in assisting families in navigating the increasingly fraught landscape of digital protections against fraud—an industry currently inflicting over $100 billion in losses annually in the U.S.

As Magnify Ventures embarks on this new funding journey, the firm remains committed to redefining the care landscape, making substantial strides toward a transformed care economy that benefits families in tangible and lasting ways.

For additional details about Magnify Ventures and its initiatives, please visit www.magnify.vc.