California high school makes millions on Snap IPO

by 4:30 AM 0 comments
Simon Chiu, president of Saint Francis, announced the good news Thursday in a letter to parents.
The school has not confirmed its overall return but it is estimated to have made nearly $24 million, according to officials cited by NBC.
A blog post by Barry Eggers posted Thursday on Lightspeed Venture Partners` website said: "While I`ve enjoyed Snap`s journey with my Partners as an early investor, I have the unexpected bonus of sharing the experience with my children.
The school first became involved in the technology firm in 2012 when Barry Eggers, a parent of two Saint Francis pupils and founding partner of venture capital firm Lightspeed Venture Partners, became intrigued by his children`s use of the app.
Lightspeed invested $485,000 and Eggers invited Saint Francis` to put forward the remaining $15,000 from its investment fund that had been created in 1990 by parents and former Saint Francis president Kevin Makley to support long term initiatives.

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