Eggers met with Snap co-founders Evan Spiegal and Bobby Murphy, who at the time were working out of Stamford dorm room, and, having been suitably impressed, prompted Lightspeed to lead a $500,000 investment round – the company’s first.
Lightspeed invested $485,000 and Eggers invited Saint Francis’ to put forward the remaining $15,000 from its investment fund that had been created in 1990 by parents and former Saint Francis president Kevin Makley to support long term initiatives.
In his note to parents, Chui thanked Eggers’ for his “remarkable generosity”.
A blog post by Barry Eggers posted Thursday on Lightspeed Venture Partners’ website said: “While I’ve enjoyed Snap’s journey with my Partners as an early investor, I have the unexpected bonus of sharing the experience with my children.
“It’s been amazing for us to watch how far Evan and Bobby and Snap have come since that kitchen table conversation between my daughter and me…and how much they’ve already changed how we communicate today.”
