High school makes $24 million from Snap IPO
It’s an only in Silicon Valley kind of story: A well-to-do private Catholic high school makes a $15,000 investment five years ago in the company developing the Snapchat app and ends up with a windfall of $24 million.
One well-connected parent, Barry Eggers, made it happen for the Catholic St. Francis High School by convincing the school’s board to take a risk on Snap Inc., which had a blockbuster initial public stock offering Thursday.
Snap launched the Snapchat app that teens and young adults send photos and videos that disappear a few seconds after recipients see them.
Barry Eggers, is a partner at Lightspeed Venture partners, the venture capital firm that invested in Snapchat when its founder was a student at Stanford University.