Last two rounds were for the employees. Atlassian raised rounds to allow employees to convert equity into cash, if they so desired. Housing is very expensive in Sydney. Additionally Atlassian paid the taxation bills of their employees as well. In Australia, tax is due to be paid immediately on issuance of equity instead of the fair and reasonable benchmark of upon sale/capital gains. This has since been corrected in legislation but it excludes Atlassian as there are company age (ASIC registration less than x years old) and revenue/valuation limits. See http://generalstandards.co/blog/new-esop/ for details.