High school makes $24 mil­lion from Snap IPO

Austin American-Statesman - - MORE OF TODAY’S TOP NEWS -

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.

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