Grafana Labs announced today that it completed a $270 million transaction, benefiting the company and its shareholders
The company characterises this as an extension of its $240 Series D round in 2022. The extension was spearheaded by Lightspeed Venture Partners, an existing investor, with the support of its institutional investors.
The company’s valuation has increased from $3 billion in 2022 to over $6 billion.
Grafana also disclosed that it has exceeded $250 million in annual recurring revenue and has acquired over 5,000 paying customers, a significant increase from the 2,000 it had in 2022. This announcement was made in conjunction with introducing a new funding event.
“In the nearly ten years since Grafana Labs was founded, we have achieved so much.” Raj Dutt, CEO and co-founder of Grafana Labs stated that the open-source side project my co-founder Torkel Ödegaard established has now amassed 20 million users worldwide and is the cornerstone of a sustainable business and market leader in observability.
In addition to this new funding event, Grafana also announced that it has now moved past $250 million in annual recurring revenue and has over 5,000 paying customers, up from 2,000 in 2022.
Although Grafana can visualise a wide range of data, Grafana Labs is exclusively dedicated to assisting enterprises in imagining and analysing data from their diverse infrastructure services.
This service is available as a hosted service through Grafana Cloud or a self-hosted option through Grafana Enterprise.
Its offerings today encompass incident response and management infrastructure, user monitoring, and tracing systems for monitoring application performance.
Gaurav Gupta, a partner at Lightspeed Venture Partners, stated” “We were confident in GrafanLabs’s’ “s “strategy when we initialinveLabs’in’in company’s Series A in 20″9.”
“We knew that open source companies were rewriting the narrative, transitioning from merely free alternatives to releasing technology that rivals or surpasses proprietary solutions.
Grafana is a prime example of this transition; its operational dashboarding capabilities are unparallel”d.
“They have been releasing many n “w pr “ducts and developing the most robust open source observability platform available.”