California High School Made Millions In Snap IPO

Posted: Mar 3 2017, 5:37am CST | by , in News | Technology News

California high school made millions in Snap IPO

School invested $15,000 in Snap's first round of funding

When you think about IPOs normally the only people that really make a lot of money is the owners of the company, investment firms, and banks. That's not the case with the Snap IPO. One of the new millionaires made from the IPO is a high school in California called Saint Francis High School in Mountain View, California.

Back in 2012 the school invested $15,000 in a new app, Snapchat, that was being used by kids in the school. Two of the students using the app happened to be the children of a partner at Lightspeed Venture Partners, a local investment firm. After the father saw how much his kids used the app, he led his company to invest in the app.

The result was a $500,000 investment round led by Lightspeed and that was Snapchat's first. Lightspeed invested $485,000, but the firm also talked the school into investing $15,000 that came out of a development fund from the '90s.

The president of Saint Francis High School, Simon Chiu wrote in a letter to families of students saying in part, "The school's investment in Snap has matured and given us a significant boost as we continue our work towards realising the bold vision and goals."

One of the goals of the school, which is private and costs $17,000 yearly, was to make the school more affordable for families in the community. The school's initial $15,000 investment is now worth $24 million after the $17 per share opening price. The stock closed up 44% on Thursday. It's unclear at this time how that massive investment payoff will affect tuition at the school.

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<a href="/latest_stories/all/all/3" rel="author">Shane McGlaun</a>
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