Sequoia, Coatue lead $220 million funding in software maker Grafana Labs

(Reuters) - Venture capital firm Sequoia Capital and hedge fund Coatue led a $220 million funding round in Grafana Labs, valuing the enterprise software maker for data visualization at around $3 billion.

Existing investors Lightspeed Venture Partners, Lead Edge Capital and Singapore sovereign wealth fund GIC also participated in the series C round, New York-based Grafana said in a statement on Tuesday.

The latest round values the company at more than ten times its series A valuation two years ago, Grafana said.

More than 1,500 customers, including PayPal Holdings Inc, J.P. Morgan Chase, eBay Inc and Bloomberg, use Grafana’s technology that allows them to make better sense of their data and easily spot trends through graphics. Grafana said it has doubled its headcount since the beginning of the year, and has employees working in over 40 countries.

It said Carl Eschenbach, partner at Sequoia, and David Schneider, general partner at Coatue, will join its board as part of the funding agreement.

Reporting by Sohini Podder and Niket Nishant in Bengaluru; Editing by Shinjini Ganguli