On May 15th, Garbage Management Inc. offered to the market 8 million shares in a Seasoned Equity Offering at a price of $40. The share price before the offer was $ 46 per share, and the number of shares outstanding was 14 million. After the announcement of the offer, the price declined at $42.50 per share. Of the 8 million shares sold, 5 million shares were new (primary) shares being issued by the company, while the remaining 3 million shares were being sold by venture capital investors who supported the growth of the company. Assume that the underwriter charges 5% of the gross proceeds as an underwriting fee (which is then shared proportionately between primary and secondary shares).

c. How much money did the venture capitalists receive for selling their shares?