Grafana Labs has 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, 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.

According to the company, 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.

Grafana Labs has doubled its headcount since the beginning of the year, with nearly 500 Grafanistas working remotely in more than 40 different countries.