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Grafana Labs announced a $220 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 GIC.

The new investment values Grafana Labs at $3 billion (for crypto fans, that’s more than 60,500 BTC as of August 23 at 22:00 UTC), more than ten times the valuation of the Series A round just two years ago. As part of the funding, 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 “actually useful” free forever tier of Grafana Cloud provides the industry’s most generous no-cost observability stack, and with the funding round, Grafana Labs is adding 50GB of traces to the 50GB of logs, 10,000 series of Prometheus metrics, and 3 Grafana dashboard users that come with the free offering. Both Grafana Cloud and the on-premises Grafana Enterprise Stack offering include access to free and commercial plugins, such as Elasticsearch, Jira, Datadog, Splunk, AppDynamics, Oracle, MongoDB, Snowflake, ServiceNow, and more.

“It’s been an incredible year at Grafana Labs, highlighted by the rapid adoption of Grafana Cloud, the growth of our Loki logs and Prometheus metrics offerings, the introduction of Tempo 1.0 for tracing, and the continued development of the Grafana frontend,” said Raj Dutt, co-founder and CEO at Grafana Labs. “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.”

“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,” said Eschenbach. “I see a lot of similarities between the growth at Grafana Labs and the early years at VMware: focusing on solving problems for developers, and scaling those solutions across the enterprise. We’re eager to partner with Grafana Labs and look forward to working with Raj and team to continue building world-class observability products.”

Grafana Labs has doubled its headcount since the beginning of the year, with nearly 500 Grafanistas working remotely in more than 40 different countries. As part of its mission to deliver value to enterprise customers, as well as to the open source community, Grafana Labs recently announced the acquisitions of k6 for modern load testing and Pace.dev for building developer tools.

“At ServiceNow, I was able to witness first-hand how difficult it is to build an effective observability system that can provide teams with a single view across the organization,” said Schneider. “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. We’re proud to support them in their mission to bring a revolutionary approach to the market.”