New York-based startup Freshman Fund has created an online registry that simplifies giving and receiving 529 contributions for college. Parents create an account that lets friends and family contribute directly to their child’s college fund, with tax-free growth through a 529 plan of their choice. Launched last month, the free service differs from competitor Upromise in that it supports all 529 plans available nationwide.
CEO Jason Olim, who cofounded CDNOW with twin brother Matthew (also at Freshman Fund as CTO), calls the company a “cross between Facebook, PayPal and Evite.” Still in seed stage, the company employs six people and has raised an undisclosed investment amount (under $1 million, we’re told) from Zelkova Ventures.
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