It was in 2012 that Barry Eggers, a venture capitalist, noticed that his two high school-age children were getting obsessed with a curious new app called Snapchat. After a little investigation, Eggers persuaded his company, Lightspeed Venture Partners, to become one of the first to invest hundreds of thousands of dollars in the fledgling app.
Then in a stroke of fortune, he also persuaded his children's school, where he was chairman of its financial growth fund, to put up a little seed money, too -- $15,000, in fact.
By Thursday, when the app's parent company Snap went public, that investment had "matured and given us a significant boost," Simon Chiu, president of Saint Francis High School in Mountain View, wrote to parents with remarkable understatement.
The school got a little more specific with Quartz Media about that "boost," saying the school sold two-thirds of its shares in the company to raise about $24 million.
"The remaining third of its holding, roughly 700,000 shares, could be even more lucrative. Snap's stock ended its first day of trading on Thursday at $24.51 per share, up 44 percent," Quartz reports.