Shares of Snap Inc, the owner of the messaging app Snapchat, opened at $24 per share on the New York Stock Exchange on Thursday versus the initial public offering price of $17.
Following is a list of venture capital firms selling their shares in Snap (SNAP). Estimated values of shares sold in the deal are based on the IPO price. Estimated values of shares retained are based on the stock’s opening price. Data based on SEC filings, EquityZen, and CrunchBase.
Lightspeed Venture Partners
Shares sold: 4,632,890
Shares sold value: $78,759,130
Shares retained: 81,996,630
Shares retained value: $1,967,919,120
Initial purchase prices:
* Seed round: Less than $0.01 per share in 2012
* Series A: $0.10 per share in 2013
* Series B: $0.98 per share in 2013
Investment: At least $485,000
Voting right: Yes
Benchmark Capital Partners, Mitchell Lasky
Total shares: 131,599,440
Shares sold: 10,695,868
Shares sold value: $181,829,756
Shares retained: 120,903,572
Shares retained value: $2,901,685,728
Initial purchase prices:
* Series A: $0.10 per share in 2013
* Series B: $0.98 per share in 2013
Investment: At least $23,943,414
Voting right: Yes
General Catalyst
Total shares: 10,712,640
Shares sold: 572,904
Shares sold value: $9,739,368
Shares retained: 10,139,736
Shares retained value: $243,353,664
Initial purchase price:
* Series B: $0.98 per share in 2013
Initial investment: About $10.5 million
Voting right: No
Following is a history of Snap’s private investment rounds. Data is based on SEC filings, EquityZen, and CrunchBase. Preferred stock share prices are adjusted to reflect the Class A dividend issued in October 2016 (effectively a 2-for-1 split of the shares).
For example, Series A preferred stock investors paid $0.208515 per share for Series A stock. Adjusting for the Class A dividend, the price is reflected below as $0.1043.
Series A-1 (Seed round), May 2012
Investor: LightSpeed Venture Partners
Price per share: $0.01
Number of shares: 71.45 million
Total investment: $485,000 – $518,000
Value at IPO price: $1.2 billion
Series A, Feb 2013
Lead investor: Benchmark Capital
Participants: Lightspeed Venture Partners, SV Angel
Price per share: $0.10
Number of shares: 140.58 million
Total investment: $14.7 million
Value at IPO price: $2.4 billion
Series B, June 2013
Lead investor: Institutional Venture Partners
Participants: General Catalyst, Lightspeed Venture Partners, SV Angel, Tencent Holdings, Benchmark Capital
Price per share: $0.98
Number of shares: 81.86 million
Total investment: $80 million
Value at IPO price: $1.4 billion
Series C, Dec 2013
Lead investor: Coatue Management
Price per share: $1.70
Number of shares: 32 million
Total investment: $54.5 million
Value at IPO price: $544.0 million
Series D, Dec 2014
Lead investor: Kleiner Perkins Caufield & Byers
Participants: HDS Capital, Yahoo (YHOO)
Price per share: $7.68
Number of shares: 6.74 milllion
Total investment: $51.7 million
Value at IPO price: $114.5 million
Series E, March 2015
Lead investors: Alibaba (BABA), Kleiner Perkins Caufield & Byers
Price per share: $10.86
Number of shares: 39.96 million
Total investment: $433.9 million
Value at IPO price: $679.4 million
Series F, July 2015 – May 2016
Lead investor: Fidelity Investments
Participants: Coatue Management, General Atlantic, Geodesic Capital, Glade Brook Capital Partners, GSV Capital, GSV Ventures, Institutional Venture Partners, Lone Pine Capital, Meritech Capital Partners, Sequoia Capital, T. Rowe Price, York Capital Management
Price per share: $15.36
Number of shares: 121 million
Total investment: $1.9 billion
Value at IPO price of $17: $2.1 billion
