You never know how an investment in a startup will work out. It is also hard to know the good gambles from the bad ones. Some people just have a knack of picking the right investments. Barry Eggers is one of these people. Five years after he observed his children giggling and playing with a new social media app. His daughter and son explained that it was called Snapchat and that all the kids at their school were using it.
Egger’s, a founding partner of venture capital firm Lightspeed Venture Partners, convinced his company to invest $500,000 in the new company. Of the $500,000, they only paid $485,000 and with Egger’s invitation Saint Francis High School in Mountain View, California put up $15,000.
Now, five years later, the school’s $15,000 investment they made $24 million with Snapchat’s IPO. The school still has some remaining shares of Snapchat, which are presently worth another $17 million.
“Saint Francis has been blessed to have parents who so passionately and generously share their gifts with the school, be it time, creativity, expertise or philosophy,” the school’s president, Simon Chiu, wrote in a letter to parents. “Barry Eggers now joins the illustrious list of individuals and families whose foresight and generosity have enriched Saint Francis High School over the years.”