DoughMain, a free financial education and family organization website, has received funding from a private equity fund managed by Lee Iacocca’s family based in Los Angeles and Boston. The company describes the undisclosed amount of capital as “kicking off” its second round of funding since its August 2011 launch. DoughMain — which also, notably, just named Iacocca’s son-in-law Ned Hentz was its chief creative officer — is based in Princeton, N.J.
DoughMain, a free financial education and family organization website, has received an investment from a private equity fund managed by Lee Iacocca’s family based in Los Angeles and Boston — kicking off the company’s second round of funding since its August 2011 launch. The specific terms of the investment are undisclosed.
The former Chairman and CEO of Chrysler Corporation and President of Ford Motor company will not have any direct involvement with the company but will lend his expertise in an oversight capacity. His son-in-law Ned Hentz will represent the family and has been named Chief Creative Officer. Mr. Hentz will also have a board seat and will serve as head of the advisory committee.
The investment from the Iacocca Family Partnership will support the enhancement and expansion of DoughMain.com, which helps busy families better organize their lives while also helping parents educate children and young adults about the importance of money matters, financial planning and financial literacy through real-world experiences. DoughMain recently acquired Allowance-Plus, a similar company founded by Hentz that helps families manage, motivate and reward desirable financial behavior through the use of intra-family money transfers.
Hentz has worked with Iacocca on various projects for more than 20 years and is currently the President and CEO of Olivio Premium products, a company they co-founded in 1993. What began originally as a wine and olive oil importing business evolved into a full line of butters and buttery spreads that feature olive oil as the key ingredient. Additionally, Hentz worked closely with Dr. Walter Willett of the Harvard School of Public Health as Chairman of their Nutrition Roundtable to persuade margarine manufacturers to reduce or eliminate trans fats from their products.
DoughMain is the first and only service to combine family coordination and financial education into one simple and convenient platform. Helping families manage their lives while empowering them to become better educated about money, DoughMain offers a suite of on- and off-line services, including an integrated family calendar, chore tracker, allowance/rewards tool and three age-relevant gaming websites: TheFunVault.com (ages 5 and up), SandDollarCity.com (ages 8- 12) and IRuleMoney.com (ages 13-18). To learn more about DoughMain, please visit DoughMain.com or follow the company on Twitter @DoughMainBuzz and Facebook at facebook.com/DoughMainBuzz.