Total amount raised
$3.2 Billion
Latest funding date
7/1/2022
Location
Retool has successfully raised funding over 5 rounds, with the latest being a Series C round led by Sequoia Capital. The platform is designed to help businesses build internal software more efficiently using AI, offering features like AI AppGen and integration with various data sources.
Keep reading to explore the intricacies of Retool's fundraising journey and the investors backing this innovative platform.
What Is Retool?
Retool is a software development company based in San Francisco, California. It specializes in providing solutions for building internal software using AI, with a focus on AI apps, documentation, developer tools, and external apps.
Founded in an unspecified year, Retool operates within the Enterprise Software, Productivity Tools, Software, and Software Engineering industries. The company employs between 251 and 500 people, offering a robust platform that integrates with various data sources and developer workflows.
How Much Funding Has Retool Raised?
- Seed Round
- Amount Raised: USD 1,000,000
- Date: September 2017
- Lead Investors: Daniel Gross, John Collison, Nat Friedman
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Retool's platform and build initial product features.
- Series A
- Amount Raised: USD 25,000,000
- Date: April 2019
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series B
- Amount Raised: USD 50,000,000
- Date: October 2020
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and enhance integration capabilities.
- Series C
- Amount Raised: USD 20,000,000
- Date: December 2021
- Lead Investors: Daniel Gross, John Collison, Nat Friedman
- Valuation at Round: USD 1.85 billion
- Motivation Behind the Round: To optimize funding strategy for long-term health and employee benefits.
- Series C2
- Amount Raised: USD 45,000,000
- Date: July 2022
- Lead Investors: Sequoia Capital, John Collison, Nat Friedman, Elad Gil, Daniel Gross, Caryn Marooney
- Valuation at Round: USD 3.2 billion
- Motivation Behind the Round: To invest in headcount, new products, platform improvements, and international expansion.
Total Amount Raised: USD 141,000,000. Current Valuation: USD 3.2 billion.
Key Investors
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that invests in early and growth-stage companies. Bryan Schreier, a partner at Sequoia, has praised Retool's impact on making internal tools easier to build.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: WhatsApp, DoorDash, Stripe
- Daniel Gross
- Details: Daniel Gross is a former Y-Combinator partner and a noted tech investor. He participated in Retool's Series C2 funding round.
- Investment Focus Areas: Technology startups, AI, software
- Notable Investments: Not publicly disclosed
- John Collison
- Details: John Collison is the co-founder of Stripe and an investor in Retool. He participated in Retool's Series C2 funding round.
- Investment Focus Areas: Technology, fintech, startups
- Notable Investments: Not publicly disclosed
- Nat Friedman
- Details: Nat Friedman is the former CEO of GitHub and an investor in Retool. He participated in Retool's Series C2 funding round.
- Investment Focus Areas: Technology, software, startups
- Notable Investments: Not publicly disclosed
- Elad Gil
- Details: Elad Gil is a tech investor and entrepreneur. He participated in Retool's Series C2 funding round.
- Investment Focus Areas: Technology, healthcare, startups
- Notable Investments: Not publicly disclosed
What's Next for Retool?
Retool's future is brimming with opportunities, particularly with its new free plan for developers, which can attract startups and small teams. The platform's ability to create custom internal tools quickly and efficiently positions it well in a market increasingly leaning towards low-code and no-code solutions. With over 500,000 applications already built, the potential for growth is substantial.
Future fundraising seems promising, given Retool's $3.2 billion valuation and strong investor backing. The company is likely to continue attracting investment to support its expansion into new markets and the development of new features. However, challenges such as competition from other platforms and maintaining scalability and security as the user base grows will need to be navigated carefully.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay’s platform to access comprehensive fundraising data on companies like Retool and gather other critical business insights.
Sign up for free to start making data-driven decisions and stay ahead in the competitive landscape.
