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.

Magnify sees AI as the key unlock for markets it describes as long stagnant.

“We’re at a real inflection point in some of the world’s largest, most underleveraged markets: care, wealth, aging, and the broader health, consumer and financial systems that shape family life,” said Julie Wroblewski, co-founder and managing partner of Magnify Ventures.

“AI is the key to unlocking new opportunities in markets that have been stagnant for decades.”

The Pivotal Connection

Pivotal’s endorsement is more than financial. Erin Harkless Moore, managing director of investments at Pivotal, called the care economy a “$648 billion market opportunity” that has long been under-resourced.

“Investing in caregiving benefits not only women and families, but also the broader economy,” Moore said.

Pivotal Ventures invests in companies and funds that, alongside its work in policy advocacy and philanthropy, help to advance women’s power — making the care economy a natural fit for its mandate.

Magnify’s existing portfolio includes estate settlement platform Alix, caregiver support tech Nolia Health, and cybersecurity protection firm Savi Security.

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