American college savings app UNest has raised $26m in a Series B funding round led by the Artemis Fund.
The round also saw participation from existing investor Northwestern Mutual Future Ventures, Franklin Templeton, AltaIR Capital, Launchpad Capital, OneWay Ventures and Unlock Venture Partners, among others.
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UNest, which allows parents to invest and save for their children, will use the funding to accelerate its growth and launch new offerings such as UNest Legacy.
UNest founder & CEO 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.”
UNest, which recently acquired Littlefund and Kidfund, seeks to democratise access to financial resources by allowing customers to open an account with no paperwork.
It also provides access to features such as gifting, which allows family and friends to contribute directly to a child’s account.
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By GlobalDataThe Artemis Fund general partner & co-founder Leslie Goldman 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.”
