College savings app UNest raised $9 million in a Series A funding round that saw Northwestern Mutual Future Ventures make another investment in the startup. The funding round was led by Anthos Capital and included an investment from NBA All-Star Baron Davis, who has also been named a brand ambassador.
The investment will allow UNest to build out its gifting feature. The feature will allow parents to invite family and friends to provide a gift toward a child’s college savings, with tailored invites for events like gender reveal parties, birthdays or other holidays. The invites are built to be sent via email and text, as well as social media channels like Instagram and Twitter.
The app has seen accounts set up by more than 20,000 users, according to the firm. That type of engagement is promising for Davis.
“The investment in UNest is a great opportunity to help my community,” he said in a statement. “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.
“As a father of two young boys, I care about their financial future and I know that other parents are feeling the same way,” he added. “By making it easy for parents to step into saving plans, UNest is going to transform the future of the next generation.”
UNest has seen adoption beyond what it had predicted, said Ksenia Yudina, the firm’s CEO and founder. “The number of families that have signed up with UNest since February has exceeded even our most optimistic expectations,” she said in a statement. “We are focused on maintaining our growth and excited about the company’s future."
The startup announced a $3.5 million seed funding round in January.