A high school in Mountain View invested in Snapchat five years ago. This week, the school made millions after the IPO of Snapchat’s parent company, Snap Inc.
Saint Francis High School, a private Roman Catholic school, said Thursday that it had invested invested $15,000 of its endowment fund in Snap’s seed round of financing in 2012, NBC reports. That got the school two million shares, of which it has sold 1.4 million at $17 a piece. Which means Saint Francis raked in almost $24 million.
“We knew teenagers were using it and this would be something big for social media,” former principal Kevin Makley said of why the school initially invested. Now, “I am absolutely celebrating,” he said. “This is a tremendous day!”