Mountain View, Calif., Mar 8, 2017 / 06:06 am (Church Pop).- St. Francis Catholic High School in Mountain View, California recently revealed that it invested just $15,000 in a very early seed round of funding for Snapchat (now known as Snap) back in 2012.
Snap just went public with an IPO, and the school sold some of their shares for a whopping $24 million.
They only sold two-thirds of their shares, saving one-third in hopes that the share price will continue to rise.
The school president said the money would be used to carry out their strategic plan, which includes expanding financial aid and growing their science and technology programs.
So why was the school investing in Snapchat in the first place? The school has a special growth fund that they’ve used to make investments since the 1990s as a way of generating additional income. In 2012, a father of two girls at the school who ran a venture capital firm recommended the school make the investment in the fledgling start-up.
This article originally appeared on ChurchPop.com. Not for redistribution.
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