US-based Money Saving App for Kids UNest Raises $26M in Series B Funding
UNest, the first-of-its-kind mobile app that helps parents invest in their children’s future, has raised $26 million in Series B funding led by The Artemis Fund.
Existing investor Northwestern Mutual Future Ventures participated alongside new investors including Franklin Templeton, Launchpad Capital, AltaIR Capital, OneWay Ventures, Unlock Venture Partners, and Square co-founder Jim McKelvey. Franklin Templeton’s head of US marketing, Jennifer Ball has also participated in the fundraise.
The California-based startup plans to use the fresh funding to accelerate its growth and launch new offerings such as UNest Legacy.
Launched in February 2020 by Ksenia Yudina, UNest is a purpose-driven fintech company empowering parents to invest and save for their child’s future. The platform provides access to features such as gifting, which allows family and friends to contribute directly to a child’s account. The company is on a mission to democratize the availability of quality college and family solving solutions.
Speaking about the capital raised, Founder & CEO of UNest, Ksenia Yudina, said “Having major financial institutions such as Northwestern Mutual and Franklin Templeton invest in this round validates what we are building and is indicative of where they believe the industry is headed. We set out to create a system where everyone has the opportunity to participate and thrive and we intend to continue to follow through on that promise.”
Since its launch, UNest has helped thousands of families give their children a financial head-start and road map. UNest Investment Account for kids requires no paperwork and takes just five minutes to set up through its award-winning app.
According to Yudina, the Series B news comes on the heels of a high-growth year for UNest. It registered as a broker-dealer, acquired two companies, and added 300,000 users to its platform in 2021, bringing its total user count to 400,000. UNest plans to serve 1 million users by the end of next year.
Co-founder and General Partner of The Artemis Fund Leslie Goldman has said, “The Artemis Fund is on a mission to diversify wealth by investing in iconic female founders like Ksenia. Her tremendous vision and ability to meet and exceed targets have impressed us since the moment we met her. We are her unwavering partner in democratizing access to financial stability and freedom for the next generation.”
UNest partners with financial industry leaders to offer parents a pain-free way to build the best possible educational future for their children. It has recently acquired Littlefund and Kidfund, a socially powered saving app that helps parents save money for their kids and teach good financial habits.
Last year in June, UNest had raised $9 million in a funding round led by Anthos Capital with the participation from two-time NBA All-star Baron Davis, and returning investors Northwestern Mutual Future Ventures, Artemis Fund, Draper Dragon and Unlock Ventures. The startup’s latest funding brings its total fundraising to $40 million.
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