Northwestern Mutual’s venture capital arm joined a $3.5 million funding round for U-Nest Inc., a California-based financial services mobile app. Northwestern Mutual’s investment, made by the company’s Future Ventures Fund, marks the first investment of the $20 million fund, which was created to fund female-founded startups. U-Nest developed a mobile savings app for families looking to save for college or other educational expenses. The app allows users to create a saving account as well as a monthly contribution plan that meets their saving needs. U-Nest also includes a gifting option, which allows friends and family to contribute to the college saving account.
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