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Snap's first investor on why he thought it was a winner

Greg Ruben / Axios

Lightspeed Venture Partners was the first institutional investor in Snap, investing $485,000 back in April 2012. The company would ultimately invest a total of $8.1 million, which was valued at nearly $1.5 billion at the IPO price.

Jeremy Liew was the Lightspeed partner who led that early deal ― back when the company was still called Snapchat ― and spoke via phone with Axios on the occasion of Snap's mammoth IPO.