UPDATED 20:54 EDT / OCTOBER 20 2020

APPS

Low-code enterprise app maker startup Retool raises $50M on $925M valuation

Low-code enterprise app maker startup Retool Inc. said today it has raised $50 million in new funding on a valuation of $925 million, just shy of unicorn status.

The Series B round was led by Sequoia Capital and included the founders of GitHub, Gusto, PagerDuty, Plaid, Segment, Stripe and Y Combinator.

Founded in 2017, Retool offers a tool development platform designed to allow companies to build custom business tools with limited programming-language experience. The company’s interface offers a range of pre-made blocks which customers can drag and drop into place to create the app they want, with the ability to add code should they then desire to deliver the final product.

Although the growing no-code segment is pitched at nontechnical staff, Retool with its low-code model is built specifically for engineers who may have some level of coding experience but want the ease of being able to build a custom app without having to code the whole thing from scratch.

The internal building blocks offered by Retool include tables, charts, forms, wizards, maps and other modules in a mix said by the company to provide a complete set of blocks out of the box. “Spend your time getting UI in front of stakeholders, not hunting down the best React table library,” the company says, along with a promise that apps can be assembled in as little as 30 seconds.

Apps built using Retool integrate with most databases as well as anything with a REST, GraphQL or gRRP application programming interface. Data created in the apps is owned and stored by the creator; Retool does not store data itself.

Retool’s customers includes Amazon.com Inc., Doordash Inc., Anheuser-Busch InBev SA/NV, Mercedes-Benz, Koninklijke Philips NV, Fox, NBC, Warner Bros. and Progressive Corp.

Including the new funding, Retool has raised $75 million to date.

Image: Retool

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