Retool, a platform that enables developers to easily build software apps for internal use cases, has raised $20 million in Series C funding. The backers include Sequoia.
SAN FRANCISCO, CA — Retool, a platform that enables developers to easily build software apps for internal use cases, today announced that the company has raised $20 million in Series C funding. This new funding round, with participation from software leaders and investors Sequoia, Elad Gil, Patrick Collison, John Collison, Nat Friedman, and Jay Simons, values the company at $1.85 billion, and will be used to accelerate product development across several new product lines.
“Many startups today fundraise with the goal of getting the most money at the highest valuation possible. But at Retool, we decided to take the opposite strategy—we raised the smallest Series C we could, at a valuation substantially lower than most offers we received,” shares David Hsu, co-founder and CEO. ”Why? Because we are putting our team ahead of the optics around our valuation and money raised.”
Retool now powers over a quarter million business applications across businesses of every size, from fast-growing startups like Hopin, Descript, and Brex to global enterprises like Amazon, Pinterest, and Conagra. As revenue has grown exponentially over the last 12 months, Retool has expanded from 40 to 130 employees and made key executive hires across Engineering, Finance, People Operations and Customer Success.
The company has also secured new office spaces for their San Francisco headquarters and New York City to support their plans to more than double the team in 2022.
Nat Friedman, former GitHub and Xamarin CEO and Retool investor adds, “In a world of abundant calories, the healthy person is a disciplined person. I think it’s in the enlightened self-interest of the company [Retool] to optimize for acquiring the best talent and over-compensating them.”
This new round brings Retool’s total funding to $95 million. The additional funds will be used to accelerate the company’s investments into new product lines for developers and to hire more world-class talent. To learn more about Retool’s unique stance on raising capital, visit retool.com/blog/series-c.
Retool is the fast way to build internal tools. Visually design apps that interface with any database or API. Switch to code nearly anywhere to customize how your apps look and work. With Retool, you ship more apps and move your business forward—all in less time.