Magnify Ventures has closed its $46.6 million Fund II, with support from returning investor Pivotal Ventures and new backers Jordan Park, Unum, and California’s IBank.
With this latest fund, Magnify’s total capital across both funds is close to $100 million, though the July 1 press release does not state this explicitly. Fund I closed at $52 million in 2022 and supported 21 companies.
The fund’s $648 billion market size estimate comes from a 2021 report that Magnify helped create.
Julie Wroblewski, who was a certified nursing assistant in rural Minnesota, co-founded Magnify Ventures with Joanna Drake in 2021. The firm is anchored by an LP focused on advancing women’s economic power, a dynamic that Tech Funding News has covered in its own tracking of how little venture capital reaches female-led teams.
Venture interest in the care economy has grown by 45% over 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.
