Melinda French Gates is doubling down on the care economy.
Her investment firm, Pivotal Ventures, has returned as a key backer of Magnify Ventures, which closed a $46.6 million second fund on Wednesday to invest in AI companies transforming how families manage health, wealth, and caregiving.
New investors Jordan Park and Unum joined the fund alongside financing from California’s IBank. The close brings Magnify’s total capital to nearly $100 million across two funds — Fund I raised $52 million and backed 21 companies. Fund II has not yet begun deploying capital.
Why Now
Venture interest in the care economy has accelerated 45% over the past four years, with more than $26 billion invested across 700 companies since 2015, according to The Holding Co. in partnership with Pivotal Ventures.
