The Funding Round is led by Anthos Capital with participation of an NBA All-star Baron Davis and notable Venture Funds like Northwestern Mutual Future Ventures, Artemis Fund, Draper Dragon, Unlock Ventures
NORTH HOLLYWOOD, CA / ACCESSWIRE / June 16, 2020 / UNest, the first-of-its-kind mobile app that helps parents invest in their children's future, today announced $9 million in financing, led by Anthos Capital and including strategic investments from a new investor, two-time NBA All-star Baron Davis, and returning investors Northwestern Mutual Future Ventures, Artemis Fund, Draper Dragon, and Unlock Ventures. With this investment, UNest will accelerate its growth with strategic hires and industry-leading partnerships. It will also add new features including a gifting feature, and expand its product offering to help families save for various major life events.
Despite market volatility and COVID-19 concerns, the funding round was fueled by UNest's significantly increased valuation from that of its August 2019 seed round - a result of UNest's continued, week-over-week growth and the support of industry leaders in financial services and venture capital that are aligned with the company's mission.
Since its public launch in February 2020, more than 20,000 users have set up UNest accounts, all benefiting from its intuitive and cost-effective account setup and interface. The UNest app is quickly becoming recognized as a key resource for families of all income levels and backgrounds to save and invest for their children's education and other life goals. The app supports UNest's mission to democratize the availability of quality college and family saving solutions.
"To me the investment in UNest is a great opportunity to help my community. It aligns with my vision that all kids deserve a chance to get education and have equal opportunities in life regardless of their race or ethnicity. All kids should have access to the financial resources that make these goals achievable," said Baron Davis, two-time NBA All-Star, current CEO and Founder of Baron Davis Enterprises, and UNest's newest Brand Ambassador. "As a father of two young boys, I care about their financial future and I know that other parents are feeling the same way. By making it easy for parents to step into saving plans, UNest is going to transform the future of the next generation and I'm excited to be a part of this journey."
"We have a clear commitment to investing in exceptional female entrepreneurs that are transforming how individuals experience financial security," said Craig Schedler, Managing Director, Northwestern Mutual Future Ventures. "Our additional investment in UNest on top of our initial participation in the company's Seed round is a testament to the tremendous progress and growth UNest has demonstrated over the past several months. We are delighted to continue partnering with UNest as they help even more American families achieve financial security.
"The tremendous investor support we are receiving validates our mission - provide the most effective way for parents to build a better financial future for their kids," said Ksenia Yudina, CEO and Founder of UNest. "The number of families that have signed up with UNest since February has exceeded even our most optimistic expectations. It's been inspiring in the midst of economic instability to see families making saving for their kids a priority when presented with a solution like the UNest app that they like and trust. We are focused on maintaining our growth and excited about the company's future."
UNest's mobile fintech app helps parents save and grow the money needed to fund their children's education. The UNest team has decades of experience as certified financial advisors, technologists, and entrepreneurs. The Company partners with financial industry leaders to offer parents a pain-free way to build the best possible educational future for their children. While student debt in the US has reached a historic level of $1.6 trillion, 70 percent of people in the US don't know about 529 plans, and only 14 percent are currently using them due to the complexities associated with the account setup and management. UNest demystifies this process with a paperless approach that takes only five minutes to set up. UNest is a fully accredited and registered financial advisor with SEC and FINRA.
Learn more at www.unestapp.com.
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