GIC-backed Grafana Labs raises US$220M series C round led by Sequoia Capital, Coatue

U.S. one-dollar currency notes; taken September 2018.U.S. one-dollar currency notes; taken September 2018.

Grafana Labs announced Tuesday it raised a US$200 million series C investment round, co-led by new investors Sequoia Capital and Coatue, with participation from existing investors Lightspeed Venture Partners, Lead Edge Capital and Singapore sovereign-wealth fund GIC.

The new investment takes New York-based Grafana Labs’ valuation to US$3 billion, the company said in a press release.

Carl Eschenbach, partner at Sequoia and former president and COO at VMware, and David Schneider, general partner at Coatue and former president at ServiceNow, will be joining the company’s board of directors, the statement said.

Raj Dutt, co-founder and CEO at Grafana Labs, said: “This new investment of capital, as well as the addition of two highly experienced technology executives to our board, will focus us on accelerating product development to support our community’s and customers’ success.”

Eschenbach added, “In just a few years, Grafana Labs has grown from a single open source project into a comprehensive platform that is widely used across the Fortune 500 and Forbes Global 2000, helping companies make better decisions based on actionable data.”

Schneider cited the difficulties in building an observation system to provide teams a single view across an organisation.

“We think that Grafana Labs and their vendor-neutral ‘big tent’ philosophy have made it easier for organizations to keep tabs on all of their systems from one single dashboard,” he said in the statement.

Grafana Labs previously raised US$50 million in a series B round in August 2020, and US$24 million in a series A round in October 2019, both led by Lightspeed Venture Partners, and US$1.2 million in a venture round in December 2018, according to Crunchbase data.