Revenue
$82.00M
2022
Valuation
$3.20B
2022
Growth Rate (y/y)
173%
2022
Funding
$141.00M
2022
Valuation: $3.20B in 2022
Retool has raised $140M from Sequoia Capital and Y Combinator, and angel investors like Elad Gil, Patrick Collision, Nat Friedman and Paul Graham. Its last private valuation is $3.2B at a 2021 revenue multiple of 107x.
Scenarios: $790M to $17.2B ARR by 2027
To evaluate Retool's potential future value, we've modeled several scenarios based on different growth trajectories and revenue multiples through 2027. These projections consider various market conditions, adoption rates of low-code development tools, and the company's ability to maintain its strong growth momentum.
| 2022 ARR ($M) | $82M | ||
|---|---|---|---|
| 2022 Growth Rate (%) | 173.33% |
Retool's impressive 173.33% growth rate and $82M ARR in 2022 demonstrate strong market traction in the low-code development space. This exceptional growth trajectory positions the company well above typical SaaS industry benchmarks and validates their product-market fit.
| Multiple | Valuation |
|---|---|
| 1x | $82M |
| 5x | $410M |
| 10x | $820M |
| 15x | $1.2B |
| 25x | $2B |
Based on current ARR of $82M, potential valuations span from $82M at a conservative 1x multiple to $2.05B at 25x. The current $3.2B valuation implies a multiple well above 25x, reflecting investor confidence in Retool's growth trajectory and market leadership in the low-code space.
| 2027 Growth Rate | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| 10.0% | $82M | $188M | $361M | $555M | $719M | $790M |
| 20.0% | $82M | $190M | $374M | $604M | $835M | $1B |
| 40.0% | $82M | $195M | $402M | $708M | $1.1B | $1.5B |
| 85.0% | $82M | $205M | $469M | $979M | $1.9B | $3.5B |
| 175.0% | $82M | $225M | $616M | $1.7B | $4.6B | $12.8B |
| 180.0% | $82M | $226M | $624M | $1.7B | $4.8B | $13.6B |
| 185.0% | $82M | $227M | $633M | $1.8B | $5.1B | $14.4B |
| 195.0% | $82M | $229M | $650M | $1.9B | $5.5B | $16.2B |
| 200.0% | $82M | $230M | $659M | $1.9B | $5.7B | $17.2B |
Revenue projections span from a conservative $790M at 10% growth to an ambitious $17.2B at 200% growth by 2027, representing a 9.6x to 209.7x increase from 2022. These scenarios reflect varying degrees of market penetration and Retool's ability to maintain its current growth momentum.
| 2027 Growth Rate | 1x | 5x | 10x | 15x | 25x |
|---|---|---|---|---|---|
| 10.0% | $790M | $4B | $7.9B | $11.9B | $19.8B |
| 20.0% | $1B | $5B | $10B | $15B | $25B |
| 40.0% | $1.5B | $7.7B | $15.4B | $23.2B | $38.6B |
| 85.0% | $3.5B | $17.7B | $35.4B | $53.1B | $88.5B |
| 175.0% | $12.8B | $63.9B | $127.7B | $191.6B | $319.3B |
| 180.0% | $13.6B | $67.9B | $135.8B | $203.6B | $339.4B |
| 185.0% | $14.4B | $72.1B | $144.2B | $216.3B | $360.5B |
| 195.0% | $16.2B | $81.1B | $162.3B | $243.4B | $405.7B |
| 200.0% | $17.2B | $86B | $171.9B | $257.9B | $429.8B |
Projected 2027 valuations range from $790M at conservative estimates (10% growth, 1x multiple) to $429.8B in the most aggressive scenario (200% growth, 25x multiple), reflecting both the significant upside potential and high degree of uncertainty in Retool's future market position.
Bear, Base, and Bull Cases: 8x, 12x, 15x
To provide a focused analysis of Retool's potential trajectories, we've developed bear, base, and bull case scenarios using multiples of 8x, 12x, and 15x respectively. These scenarios account for market dynamics, competitive pressures, and Retool's ability to execute on its low-code platform strategy.
| Scenario | 2027 Growth Rate (%) | Multiple |
|---|---|---|
| Bear 🐻 | 30% | 8 |
| Base 📈 | 50% | 12 |
| Bull 🚀 | 70% | 15 |
Even in the conservative bear case, the assumed 30% growth rate and 8x multiple reflect strong confidence in Retool's market position. The base and bull scenarios, with higher multiples of 12-15x and growth rates of 50-70%, anticipate continued dominance in the low-code development space.
| Bear 🐻 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Revenue | $82M | $193M | $388M | $654M | $963M | $1.3B |
| Growth | 173.33% | 134.79% | 101.67% | 68.55% | 47.09% | 30% |
| Base 📈 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Revenue | $82M | $197M | $417M | $764M | $1.3B | $1.9B |
| Growth | 173.33% | 140.16% | 111.67% | 83.17% | 64.70% | 50% |
| Bull 🚀 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Revenue | $82M | $201M | $446M | $883M | $1.6B | $2.7B |
| Growth | 173.33% | 145.54% | 121.67% | 97.79% | 82.32% | 70% |
Our bear, base, and bull cases for Retool reflect different scenarios for market penetration and competitive positioning in the low-code development space
- In the bear case, Retool reaches $1.25B in revenue with a 30% growth rate, leading to a $10B valuation at an 8x multiple
- In the base case, Retool achieves $1.89B in revenue with a 50% growth rate, resulting in a $22.6B valuation at a 12x multiple
- In the bull case, Retool grows to $2.74B in revenue with a 70% growth rate, commanding a $41B valuation at a 15x multiple.
| Scenario | 1. Bear 🐻 | 2. Base 📈 | 3. Bull 🚀 |
|---|---|---|---|
| 2022 ARR | $82M | $82M | $82M |
| 2022 Growth Rate (%) | 173% | 173% | 173% |
| 2022 Multiple | 8 | 12 | 15 |
| 2022 Valuation | $656M | $984M | $1.2B |
| 2027 Revenue | $1.3B | $1.9B | $2.7B |
| 2027 Growth Rate (%) | 30% | 50% | 70% |
| Multiple | 8 | 12 | 15 |
| 2027 Valuation | $10B | $22.6B | $41B |
The uncertainty around these three cases depends primarily on Retool's ability to differentiate against increasing competition, its success in expanding beyond internal tools into mobile and external-facing applications, and whether it can effectively monetize both creator and consumer seats across enterprises.
- In the Bear case: Retool struggles to differentiate against increasing competition from both established players (Airtable, Zapier) and new entrants (Budibase, Appsmith), while its per-seat pricing model limits expansion revenue, forcing it to compete primarily on price in the internal tools market.
- In the Base case: Retool maintains its strong position in internal tooling while successfully expanding into mobile app building for marketplaces and vertical SaaS companies, achieving moderate success in serving both technical engineers and distributed workforces.
- In the Bull case: Retool leverages its trusted position with engineers and access to production databases to expand beyond internal tools into external-facing applications, while successfully monetizing both creator and consumer seats across enterprises, becoming the de facto platform for building both internal and customer-facing tools.
These final valuations present a significant range for Retool's future. Even the conservative bear case projects a substantial $10B valuation by 2027, while the bull case at $41B would position Retool as a dominant force in the low-code development space.
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