[jakobsladder]

Automattic is no different than any other private venture-backed company despite its "multi-generational open-source freedom fighter" marketing jargon. They raised because they are running out of cash and cannot sustain the business for much longer without an additional investment.

Private venture-baked companies that have been around as long as Automattic and are profitable or have favorable financials are going public right now. Automattic doesn't have the numbers or potential to IPO so they must raise.