Grafana Labs is gaining traction in the world of open source technology.
The New York-based company announced Wednesday that it has raised a $240 million Series D round led by Singapore’s sovereign wealth fund, GIC, along with J.P. Morgan participating as a new investor.
Grafana Labs provides companies with a composable monitoring and observability stack meant for open source projects and visualizations. Grafana is used by big names such as PayPal, Roblox and Verizon, among many others. It has more than 900,000 active installations with 10 million users.
“The entire monitoring and observability space has taken off, and we aren’t alone at all in benefiting,” Grafana Labs co-founder and CEO Raj Dutt told Built In. “But there’s one big difference in our approach: We have looked at the challenge from the perspective of our users, trying to build the products that will best help our customers do the work that they need to do regardless of what tools they are using.”
Grafana uses what Dutt calls the “big tent strategy,” meaning that users can have a number of services as a subscription but also use the Grafana dashboard to manage their own tools.
The growth of Grafana has allowed the company to launch observability projects such as Grafana Tempo for traces, Grafana Loki for logging, and most recently, Grafama Mimir for metrics.
“Grafana Labs delivers a well-known and adopted observability stack,” Elena Zislin, a managing director at J.P. Morgan, said in a statement. “In evaluating Grafana Labs as an investment opportunity, we were able to draw on our relationship, along with detailed analysis on the broader market, vendor landscape, and customer input. It’s clear that customers and prospects see both short-term and long-term success working with Grafana Labs and, with our investment, we are happy to enable Grafana Labs to continue to grow and scale.”
The company will continue its mission to bring a cost-efficient and scalable observability stack. According to Dutt, the new capital will be used to “aggressively deliver on our product roadmap, continue to release impactful open source software, bring many new capabilities to market, and constantly listen to the community and our customers to drive innovation.”
Grafana Labs currently has several positions available across multiple departments including sales, business and engineering.
Previous investors such as Sequoia Capital, Coatue, Lightspeed Venture Partners and Lead Edge Capital also participated in the round.
