Retool raises $45M at $3.2B valuation for low-code app development
Summary
Low-code enterprise app builder startup Retool Inc. today announced that it has raised $45 million in new funding at a $3.2 billion valuation to continue its journey to retool the way that businesses build bespoke internal-facing software.The fundraise is what the company calls a Series C2 and follows the companys $20 million Series C in December, bringing back previous investors. They include Sequoia, former Y-Combinator partner Daniel Gross, noted tech investor Elad Gil, Stripe Inc. co-founders John and Patrick Collison, and former GitHub Chief Executive Nat Friedman.Although many low-code companies design their tools for a wide variety of use cases, Retool is designed primarily for internal-facing software. That reduction in time and energy on development teams also means that more time can be spent attending to the customer-facing apps, but without neglecting the needs of internal software.Retools library has more than 90 different building blocks to choose from that can be interconnected, including more than 40 different inputs such as type fields, buttons, star ratings, toggles and more. It also makes it possible to collaborate on code changes because once a working modification is found on a copied branch, Git makes it easy to merge the changes back into the main branch with ease.Retool also announced a new free subscription plan with developers in mind that is free for up to five people. Examples include the delivery service DoorDash using it to save hours of engineering time, and NBC and Warner Brothers putting it to use on top of its marketing data to get a better view of its customers interests.Hsu said that with the financing, the company will push toward continuing its trajectory to help companies build better internal apps and transform their businesses.
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