Earlier this week, Simon Chiu watched Snapchat’s team put on an IPO presentation for investors in San Francisco. He was surrounded by investment bankers from firms like Morgan Stanley and Goldman Sachs. “It was a little bit of fish out of water for me,” Chiu told CNNTech. “I’m an educator. It’s not what I do.” Chiu is the president of Saint Francis High School in Mountain View, California. The Catholic school just happens to be one of the first investors in Snapchat (SNAP). Five years ago, Saint Francis invested $15,000 in Snapchat. After the company’s blockbuster public offering Thursday, that stake is likely worth millions. The unusual deal came about thanks to a few students who were obsessed with the app — and one curious parent who happened to be a venture capitalist. Barry Eggers, founder of Lightspeed Venture Partners, came home from work one day to find his daughter Natalie and her friends staring at their phones and laughing. “My daughter looked up at me and said: ‘Dad, have you seen this app? It’s called Snapchat.'” Eggers wrote in a Medium post on Thursday. His son then walked into the room and said, “Yeah, we use it a lot too.”
Wow: A Catholic high school got in on the ground floor of Snapchat—and it could net the school millions
Deacon Greg Kandra - published on 03/03/17
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