UNest, a FinTech helping parents to invest in their children future, has scored $9m in its funding round which will support the launch of its new features.
The round was led by Anthos Capital, with contributions also coming from previous backers Northwestern Mutual Future Ventures, Artemis Fund, Draper Dragon and Unlock Ventures.
Also joining the investment was two-time NBA All-star Baron Davis.
Having closed the deal, UNest will accelerate its growth with strategic hires and forming new partnerships. It also plans to release new tools including a gifting feature.
Finally, the FinTech company is looking to expand its product offering to help families save money for major life events.
While the coronavirus is causing a lot of trouble for businesses, UNest stated the funding round was fuelled by its significantly increase valuation from August 2019. This increase has been caused by week-over-week growth, it claims.
The platform was launched publicly in February 2020 and has over 20,000 users. The app offers parents advice and support to prepare for their children future.
Using the college savings calculator, a parent can establish a future goal for the child and choose a monthly amount that works. Parents can contribute as little as $25 per month. Furthermore, family and friends can all contribute to the pot.
Baron Davis, the CEO and founder of Baron Davis Enterprises said, ?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.
?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 Im excited to be a part of this journey.p>
Earlier in the week, Steady, which fellow NBA all-star Shaquille O’Neal is an ambassador for, closed a $9m funding round.
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