A high school in California made millions from Snap, just four years after investing in the startup.
Saint Francis, a private catholic school in Mountain View, invested $15,000 in the company back in 2012, just a year after Snapchat was founded.
Simon Chiu, the school president, wrote in a letter that a venture capital investor and parent of one of the students urged the school to invest in the video sharing company.
“The school’s investment in Snap—which this morning announced the completion of its IPO—has matured and given us a significant boost as we continue our work towards realizing the bold vision and goals set out in our community-inspired strategic plan: leading with Hope & Zeal,” said Chiu.
Snap closed its first day of trading yesterday up 44 percent from $17 to $24.48 a share. The school says it sold two-thirds of its share at the opening price of $17. Estimates bring the overall return to nearly $24 million.
“This incredible boon will not, by itself, completely fund the goals of the strategic plan, but it will lay the necessary foundation and give us a remarkable head start,” he added.
We’re not sure what kind of strategic plan this school has, but we can’t think of too many reasons why $24 million wouldn’t be enough.
H/T Bloomberg
