This post was originally published on this site
Grafana Labs announced today that it has completed a primary and a secondary transaction valued at about $270 million. The proceeds will go to the company as well as some of its shareholders. The company describes it as an extension of its $240 Million Series D round scheduled for 2022. The extension was led and financed by Lightspeed Venture Partners with participation from existing institutional investors.
The company’s value has increased from $3 billion to $6 billion since 2021.
Grafana announced that, in addition to this funding event, it now has a recurring revenue of more than $250 million and has 5,000 paying clients, up from just 2,000 in 2022.
“We’ve achieved so much in the nearly 10 years since Grafana Labs began. The open-source side project that my co-founder Torkel Odegaard created has now 20 million users around the world and has become a foundation for a sustainable business. Grafana Labs CEO Raj Dutt said. “Above the impressive numbers, I’m proudest of our ability to stay true to our roots while diversifying our revenue streams. We believe that open source will be successful with the right strategy and we are just getting started.
Grafana Labs, while offering the ability to visualize any type of data, is primarily focused on helping enterprise visualize and analyze their data from various infrastructure services. This can be done as a hosted service via Grafana Cloud, or self-hosted using Grafana Enterprise. These days, its products include tracing tools for tracking application performance and user monitoring, as well as incident response and management tools.
Gaurav Gupta is a partner at Lightspeed Venture Partners. He said, “When Lightspeed invested in Grafana Labs Series A in 2019 we were confident in their strategy.” “We knew open source companies would rewrite the narrative. They were moving away from free alternatives and releasing technology that rivaled or exceeded proprietary solutions. Grafana is a great example of this shift – there’s no other dashboarding tool that can compare to its capabilities. They’ve released so many new products, and built what is clearly the strongest open-source observability platform on the market.”