Weebly was founded in 2007. Their series A was in 2007 and their series B was in 2011. Isn't it likely the bulk of employee options were granted before 2014, be

Weebly was founded in 2007. Their series A was in 2007 and their series B was in 2011. Isn't it likely the bulk of employee options were granted before 2014, before their big Series C? I wouldn't be surprised if their Series B valuation was south of $100M, maybe way south of it. Perhaps it took awhile for those options to go liquid, but I doubt those employees were banking on those options, anyway. They were such early employees that they just wanted to build a great company, and the rational ones knew the options were lottery tickets.