Atlassian was founded in 2002 by Mike Cannon-Brookes and Scott Farquhar, two students at the University of New South Wales in Sydney, Australia. The company’s first product was Jira, a project management tool. Jira was originally developed for use by the students at the university, but it quickly gained popularity among other software development teams.
Atlassian bootstrapped the company for its first eight years. This means that they funded the company’s operations with their own money and did not raise any outside funding. This was a risky decision, but it paid off in the long run. Atlassian was able to maintain control of the company and focus on its long-term goals.
There were a few factors that helped Atlassian go so long without raising outside funding. First, the company’s products were well-received by the market. Jira was a valuable tool for software development teams, and it helped Atlassian to generate enough revenue to self-fund. Second, the company’s founders were experienced entrepreneurs who had a clear vision for the company. They were able to manage the company’s finances carefully and to make sure that the company was profitable.
In 2010, Atlassian raised $60 million in venture capital funding (but this was for a secondary round).
Atlassian is now a global company with over 7,000 employees. It is one of the most successful software companies in Australia, and it is a leader in the project management and collaboration software market. The company’s story is an inspiration to entrepreneurs everywhere, and it shows that it is possible to build a successful company without raising outside funding.