Product Management Software Company Atlassian Takes A Huge, $60 Million First Round Of Funding From Accel
It is not often that a company’s first round of venture funding comes in at $60 million and eight years after it was founded with $10,000 worth of credit card debt. But Atlassian, which was founded in Sydney, Australia in 2002, is taking its first venture money today from Accel Partners. The company pulled in $59 million in revenues in its fiscal year ended June 30, 2010, and has been “profitable from Year One,” says co-founder and CEO Mike Cannon.
The money will be used to give some liquidity to the founders and employees, expand its product portfolio, and possibly acquire other startups. n order to get a return on its minority stake, Accel is expecting Atlassian to one day have a very successful IPO. But he is in no rush. Wong thinks that once the company passes $100 million in revenue, it will be time to start thinking of an IPO. If revenues continue to grow 30 percent a year, that will be only a few years away.
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