- Retool — a company that makes it easier to build internal tools through a low-code approach — announced it has raised $50 million in a round of funding at a $925 million valuation
Retool — a company that makes it easier to build internal tools through a low-code approach — announced via Bloomberg it has raised $50 million in funding at a valuation of $925 million. This round of funding was led by Sequoia Capital. Other investors also include GitHub CEO Nat Friedman, Stripe founders Patrick Collison and John Collison, Brex founders Henrique Dubugras and Pedro Franceschi, and Y Combinator co-founder Paul Graham.
Rather than having to write software from scratch, Retool’s customers are able to drag-and-drop Retool’s building blocks to quickly build apps. Then customers can use their own code for customizing the final version of the tool.
Retool was founded by David Hsu in 2017. Hsu founded the company upon realizing how much time he had wasted building internal apps. And over the summer, Hsu presented Retool at the Y Combinator Demo Day. Following the presentation, the company had raised a $1 million seed round and customers started to quickly sign up.
Developers using Retool are able to build applications that are up to 40 times faster. And some of the company’s customers include Amazon, Mercedes-Benz, Progressive, Peloton, and Rakuten.
Sequoia partner Bryan Schreier told Bloomberg that he was down to investing in Retool based on his experiences at Google. Schreier was working on a team that was building internal tools and his team wanted to work on something else.