For a monthly fee, the platform enables companies to save time that they would have otherwise spent on developing their own internal applications. Retool brands itself as 'low-code,' meaning that it is easy to use and customize. There is a huge demand for systems that allow teams to analyze the data they already have. Retool already counts brands such as Amazon, Philips, Peloton, NBC, and Mercedes-Benz as customers.

Retool was founded in 2017, and the company is now valued at over $1 billion. Founded by Oxford graduate David Hsu, the management team includes ex-Stripe and ex-Airbnb employees with plenty of experience in taking a company from a start-up to a global brand. Retool was awarded $45 million in Series C in 2022, which it is using to expand its workforce, tweak its platform, and develop new products.