Retool has successfully raised $45 million at a $3.2 billion valuation in their Series C2 funding round, following their strategy of smaller rounds at lower valuations to minimize dilution and preserve employee upside. This round was supported by long-term investors such as Sequoia and the Collison brothers, reflecting their confidence in Retool’s unconventional approach. Retool provides a platform for building internal-facing software using a combination of drag-and-drop UI assembly and custom business logic coding, and is used by companies like NBC and Amazon for various internal processes. Recent updates include an expanded component library, Source Control integration with Git, and a new free plan for up to five users, aimed at reducing financial barriers to high-quality internal software. The company is also introducing a Retool-hosted PostgreSQL database and is actively hiring across several locations to support its ongoing growth and ambition to revolutionize software development.