Magnify Ventures Debuts with $52 Million Fund to Invest in the Digital Transformation of the Care Economy
Originally published by PR Newswire, May 4, 2022
Pioneering venture capital firm, anchored by Pivotal Ventures, will lead a new category of investment and entrepreneurship to revolutionize the future for families from childbirth to end-of-life
LOS ANGELES, May 4, 2022 /PRNewswire/ — Magnify Ventures, an early-stage venture capital firm investing in visionary founders leading the digital transformation of how we live, work and care for one another, today announced a $52 million fund. The firm will invest in early-stage technology companies that are revolutionizing the $648 billion care economy in four growing categories, including parenting and family life, the future of work, household optimization, and aging and longevity.
“Technology is transforming every aspect of the care economy — from pregnancy to parenting to aging. As a result, we’re seeing a wave of entrepreneurs, inspired by lived experiences, building massive businesses to address these needs,” said Julie Wroblewski, Magnify Ventures’ co-founder and managing partner. “We are thrilled to partner with them as they reimagine the future of care.”
Magnify Ventures’ debut fund is anchored by Pivotal Ventures, a Melinda French Gates company, and includes world-class limited partners from leading foundations, funds of funds, family offices, and visionary business leaders.
Magnify Ventures was co-founded by Wroblewski, who previously launched and led Pivotal Ventures’ venture capital investment portfolio and strategy, and spent over a decade as an advisor and investor with institutional-scale foundations and mission-oriented firms. She is joined by Joanna Drake, a serial media tech entrepreneur, venture capital veteran with Core Ventures Group, and co-founder of the industry-leading venture community and conference for emerging fund managers, RAISE Global.
“For decades, the venture industry has been pouring capital into optimizing enterprises while largely ignoring the caregiving burden at home. But that is changing as the pandemic shines a spotlight on the difficulties individuals encounter as they juggle caregiving duties, work and family life,” said Drake, Magnify Ventures’ co-founder and managing partner. “We founded Magnify Ventures to unleash solutions that will help families not just survive, but thrive.”
Magnify Ventures already includes seven portfolio companies: Cocoon, Element3 Health, Milo, MiSalud, Papa, Seven Starling, and Till Financial. As an early-stage investor, the firm supports founders across all aspects of company-building from customer acquisition, operations, brand, and marketing strategy, to talent recruitment and sales. To advance the broader care economy and accelerate portfolio company growth, Magnify Ventures leverages an expert advisory network and unique partnerships with leading organizations with common care economy interests, including The Holding Co, the Employee Health Innovation Roundtable (EHIR), and UCSF Rosenman Institute.
“When we invest in the care economy, we invest in women, families, and the economic future of this country,” said Melinda French Gates, founder of Pivotal Ventures. “Congratulations to Magnify Ventures-and the entrepreneurs behind them-for leading the way toward a care system that works for everyone.”
About Magnify Ventures
Magnify Ventures is a pioneering venture capital firm investing in visionary entrepreneurs leading the digital transformation of how we live, work and care for one another. The firm was founded by Julie Wroblewski, an investor and advisor with institutional-scale family offices and mission-focused organizations, and Joanna Drake, a serial company builder and entrepreneurial venture investor. Magnify Ventures, anchored by Pivotal Ventures, a Melinda French Gates company, invests in early-stage technology companies that are revolutionizing the care economy, including parenting and family life, the future of work, household optimization, and aging and longevity. Magnify Ventures is headquartered in Los Angeles and co-located in San Francisco. For more information, visit www.magnify.vc.
SOURCE Magnify Ventures