The ion beams of the proposed Jefferson Lab Electron Ion Collider (JLEIC) must be cooled to achieve the required collision luminosity. In general, cooling is accomplished when an electron beam co-propagates with an ion beam moving at the same average velocity, but with different temperature, where the energy of chaotic motion of the ion beam is transferred to the cold electron beam. The cooling rate can be improved by about two orders of magnitude if the process occurs inside a solenoidal magnetic field – so-called magnetized cooling - that forces the electrons to follow small helical trajectories thereby increasing the interaction time with ions and improving the cooling efficiency. However, one of the challenges associated with implementing this cooling technique relates to the fringe field of the cooling solenoid which imparts a large unwanted azimuthal kick onto the electron beam that prevents the electron beam from traveling in the desired tight, well-defined volume within the solenoid. As proposed by Derbenev, the ill-effect of this fringe field can be cancelled if the electron beam is born in a similar field and encountering a fringe field upon exiting the electron gun that produces an azimuthal kick in the opposite direction, such that the two kicks cancel. Besides requiring magnetized beam, the JLEIC re-circulator cooler design requires an electron beam with very high average current and high bunch charge: 140 mA and with nanoCoulomb bunch charge. This contribution describes the latest milestones of a multiyear program to build a magnetized electron beam source based on a 350 kV DC high voltage photogun with inverted insulator geometry.