Pocketnest, Inc., a financial wellness software company focused on the millennial market, recently announced a $2.6 million capital raise from a round led by Reseda Group, a wholly-owned Credit Union Service Organization of MSU Federal Credit Union. Varnum represented Pocketnest in the deal, including negotiating the stock purchase agreement and other legal documents. The Varnum team was led by Matt Bower with assistance from Jake Whately.
The latest investment follows a $1.95 million capital raise in May. Varnum represented Pocketnest in that matter as well.
Pocketnest licenses its financial wellness platform to financial institutions—such as banks and credit unions—and employee wellness programs to help their communities master all 10 themes of financial wellness. Pocketnest can boost financial institutions’ cross-sell opportunities and help employers boost recruitment, productivity, and retention.
Varnum has worked with Pocketnest since its early days as a startup, helping to organize the company and providing early-stage finance assistance through the MiSpringboard program. Varnum continues to represent Pocketnest on a variety of corporate, employment and regulatory matters, including data privacy compliance.
Founded by Jessica Willis in 2019, Pocketnest is on a significant growth trajectory, doubling its annual recurring revenue and reaching 20 total employees in the past year, with plans to expand the sales and marketing teams in 2023.
“Having a full-service team with experts in a variety of legal services provides us with tremendous confidence as we move into our next phase of growth,” Willis said. “We are very excited about our future and very pleased to be working with Matt and the Varnum team.”