Retool, a low-code enterprise app builder startup, has secured $45 million in additional investments at a value of $3.2 billion to continue its mission to “retool” the way organizations develop custom internal-facing software.
The Series C2 funding follows the company’s $20 million Series C in December 2021, which brought back existing investors. Some contributors were Sequoia Capital, former Y-Combinator partner Daniel Gross, notable tech investor Elad Gil, Stripe co-founders John and Patrick Collison and former GitHub CEO Nat Friedman.
Cutting down on development time
Although many low-code firms provide solutions for a wide range of use cases, Retool is primarily intended for internal-facing software. According to David Hsu, CEO of Retool, software that facilitates internal company processes is being neglected to focus as much time and effort on customer-facing solutions.
Hsu said that for those who haven’t experienced Retool yet, it is a new approach to producing software, especially internal-facing options. He added that even though software is taking over the world, the realm of internal software is frequently overlooked.
Retool allows you to quickly construct a user experience for an internal app using a drag-and-drop interface and swiftly add custom code to offer internal business functionality. According to Hsu, this can shorten the time it takes to develop an internal app from weeks to days.
A slew of features
Retool’s library has over 90 distinct interrelated building pieces, along with more than 40 different inputs such as text fields, buttons, star ratings, toggles and more. It enables developers to choose their own typeface for readability and offers 3,400 icons to select from without the need to import.
Several interfaces and connectors are also available that enable developers to rapidly connect to external databases using REST, GraphQL, or SOAP APIs. Once at this stage, an engineer or developer merely needs to rapidly create specific queries to retrieve the information needed to fill and deliver the appropriate information, and the app will interact with it.