By Mark Ellis
When a student’s father at St. Francis High School in Mountain View, California recommended the school invest $15,000 in a start-up company now called Snap Inc., little did they know they would reap a $24 million windfall.
It seems that high school student is the daughter of Barry Eggers, founder of Lightspeed Venture Partners, Snapchat’s first investor, according to the L.A. Times.
In 2012, Eggers was intrigued when he saw his two children enthralled by the new app. Eggers’ partner tracked down the founder of Snapchat, then operating the business from a Stanford dorm room.
Eggers pitched the investment idea to the board of the school and they bought into it. A short time later, Snapchat received their first investment from an outside source, totaling $500,000 — $485,000 from Lightspeed and $15,000 from the school.
When the school sold-off two-thirds of its shares at $17 apiece, it reaped a phenomenal return on their initial investment.
“St. Francis has been blessed to have parents who so passionately and generously share their gifts with the school,” high school President Simon Chiu noted in a letter to parents. “These are exciting and humbling times.”
Chiu said they will use the money to increase financial aid and make improvements to their facilities.