Magnify Ventures closed Fund II with $46.6 million to invest in AI-powered companies transforming the fragmented care ec

Magnify Ventures, an early-stage venture capital firm focused on transforming the care economy, announced the launch of Fund II with $46.6 million closed on July 1, 2026. 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. The fund is backed by returning investor Pivotal Ventures, a Melinda French Gates organization, alongside new investors Jordan Park and Unum, with financing from the California Infrastructure and Economic Development Bank (IBank), alongside leading foundations, funds of funds, family offices and visionary business leaders.

Erin Harkless Moore, managing director of Investments at Pivotal Ventures, noted that the care economy represents one of society's most pressing issues. She highlighted that the sector, despite being a $648 billion market opportunity, has long been under-resourced. Venture interest in the care economy has accelerated by 45 percent 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, which launched Fund I with the thesis that the care economy was poised to become a broad, investable ecosystem, has built a portfolio of breakout companies across parenting, aging, household optimization and financial resilience over the past four years. The firm invests across the traditional care economy from pregnancy through to end of life caregiving solutions, as well as the healthcare, financial and consumer systems that surround families.

With Fund II, Magnify Ventures will invest in founders 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.

Julie Wroblewski, co-founder and managing partner of Magnify Ventures, stated that care, wealth, aging, and the broader health, consumer and financial systems represent some of the world's largest and most under-leveraged markets. She emphasized that AI is the key to unlocking new opportunities in markets that have been stagnant for decades, inspiring innovative companies to create generational change.

Andy Nakahata, executive director of California IBank, noted that IBank's Venture Capital Program was created to expand access to capital for innovative entrepreneurs and emerging funds driving California's future economy. He observed that as artificial intelligence reshapes industries, the care economy represents a compelling opportunity for innovation and growth, and emphasized IBank's excitement in supporting Fund II and founders developing technologies that will modernize critical infrastructure, create jobs, and provide meaningful benefits to families.

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 on February 2, 2027. The firm's portfolio includes companies like Alix, which applies AI to simplify estate settlement during wealth transfers; Joy Parenting Club, which uses AI to bring expert guidance and personalized resources to parents; and Savi Security, which is building a seamless protection platform for families against digital fraud, which costs Americans over $100 billion annually.