Friday, March 3, 2017
Snap's Most Unlikely Winner Is A High School
The most unusual benificiary of the huge IPO of Venice, California-based Snap Inc. this week appears to be a Silicon Valley high school, which made $24M for its investment in Snapchat. Mountain View-based St. Francis High School apparently sold 1.4 million shares of its stock as part of the IPO, out of 2.1 million shares owned before the IPO. The school invested $15,000 thanks to Lightspeed Venture Partners' Barry Eggers, who apparently recommended the school's VC fund invest in Snapchat after seeing his daughter's heavy usage of the new app.