College savings app U-Nest closes funding round

U-Nest, an app helping families save up for college, has closed an investment as it looks to bolster product development.

The company received a “significant” investment from Northwestern Mutual Future Ventures. Last year, the firm revealed a $20m fund aimed at backing female-founded startups – U-Nest is the first of these investments.

Other contributors to the round include fintech fund, Group 11, Unlock Ventures and other unnamed firms and angels.

With the fresh funds, the company will look to accelerate its outreach as well as increasing product and partner development.

U-Nest is a mobile app which gives families a clear picture of boosting savings and helping to reach financial goals needed for paying for college. A college savings calculator enables the user to see their future goal and put monthly saving goals which would help them achieve this.

There are also options of gifting, enabling family and friends to contribute the child’s account, helping to achieve the goal quicker. On the app, a user can monitor their account balance, alter contribution plans and manage their transactions.

Northwestern Mutual chief product and innovation officer John Grogan said, “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.”

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