Northwestern Mutual Future Ventures invests in U-Nest
U-Nest, “the first-of-its-kind” mobile app that makes it easier for families to save for college and other educational expenses, has received a “significant investment” from Northwestern Mutual Future Ventures which announced its plans to allocate $20 million to fund female-founded start-ups. U-Nest is Northwestern Mutual Future Ventures’ first female-founded investment and was selected due to the “rapid progress” made in extending the reach of its college savings app, hiring additional leadership, and establishing awareness in both the financial industry and among consumers.
Founded in 2018, UNest addresses the issues that have “stifled demand” for 529 college savings plans. The startup offers an app where accounts can be opened in five minutes along with a college savings calculator to help users choose a monthly contribution plan. The app also features a gifting option allowing family and friends to contribute to the account.
“As a female founder, it is essential that the capital you raise comes from a source that believes in you. With Northwestern Mutual Future Ventures’ generous support, we intend to continue our growth, and encourage more families to save for education. The Northwestern Mutual team recognized that we are quickly becoming part of many families’ saving strategy, and for some, the first step to financial responsibility. These are crucial financial decisions and require more direct and transparent solutions than what has been available previously.” – Ksenia Yudina, CEO and founder of U-Nest.
“U-Nest aligns with our focus on technological disruption and investing in solutions that transform how our clients achieve financial security, as well as our commitment to supporting female-founded startups. Saving for college is a big priority for many families’ financial planning needs and U-Nest shares our same goal of making it easier for consumers to secure their families’ financial futures.” – John Grogan, chief product and innovation officer, Northwestern Mutual.