Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Retool is transforming from a drag-and-drop CRUD builder into an AI-powered internal tools platform where engineering teams can ship production-grade apps from natural language.</li><li>Sacra estimates Retool hit $120M ARR in October 2025, up from $90M at the end of 2024.</li><li>Following Retool’s launch of AppGen (April 2025) and Agents (May 2025) layering on AI prompting credits and agent hours as units of monetization.</li></ul>

Retool is transforming from a drag-and-drop CRUD builder into an AI-powered internal tools platform where engineering teams can ship production-grade apps from natural language.Sacra estimates Retool hit $120M ARR in October 2025, up from $90M at the end of 2024.Following Retool’s launch of AppGen (April 2025) and Agents (May 2025) layering on AI prompting credits and agent hours as units of monetization.

<ul><li>Sacra estimates that Retool hit $120M in annual recurring revenue (ARR) in October 2025, up from $90M at the end of 2024.</li><li>Retool raised a $45M Series C in July 2022 at a $3.2B valuation, led by Sequoia Capital with participation from notable investors.</li><li>The introduction of Agents and AppGen represents Retool&#39;s expansion into AI-driven business process automation.</li></ul>

Sacra estimates that Retool hit $120M in annual recurring revenue (ARR) in October 2025, up from $90M at the end of 2024.Retool raised a $45M Series C in July 2022 at a $3.2B valuation, led by Sequoia Capital with participation from notable investors.The introduction of Agents and AppGen represents Retool&#39;s expansion into AI-driven business process automation.

<ul><li>Refine uses an open-core business model.</li><li>Future plans involve transitioning from a framework to a platform, offering cloud tools, connectors, and other components.</li><li>In the future, Refine aims to expand its cloud offering, transitioning from just a framework to a more comprehensive platform.</li></ul>

Refine uses an open-core business model.Future plans involve transitioning from a framework to a platform, offering cloud tools, connectors, and other components.In the future, Refine aims to expand its cloud offering, transitioning from just a framework to a more comprehensive platform.

<ul><li>The early use cases were simple CRUD applications where somebody was displaying data from their database in a table and then providing a form to edit and update that data or add new data.</li><li>Today of course, we have a lot of Fortune 100, Fortune 500 companies using us where people will have thousands of users on Appsmith.</li><li>Appsmith today has around 10,000 companies that use us every month, but we have sent zero cold emails and we have never run ads.</li></ul>

The early use cases were simple CRUD applications where somebody was displaying data from their database in a table and then providing a form to edit and update that data or add new data.Today of course, we have a lot of Fortune 100, Fortune 500 companies using us where people will have thousands of users on Appsmith.Appsmith today has around 10,000 companies that use us every month, but we have sent zero cold emails and we have never run ads.

Abhishek Nayak, CEO Of Appsmith, On Building An Open Source Internal Tool Builder

<ul><li>We got pretty strong initial traction with just that scripts-to-apps idea.</li><li>Now, we've built out a lot more additional features to help build internal tools, though it took us a while to get there.</li><li>Since then, we have seen a significant uptick in our ability to close larger agreements.</li></ul>

We got pretty strong initial traction with just that scripts-to-apps idea.Now, we've built out a lot more additional features to help build internal tools, though it took us a while to get there.Since then, we have seen a significant uptick in our ability to close larger agreements.

Ravi Parikh, CEO Of Airplane, On Building An end-to-end Internal Tools Platform

United States

Open source tool for developers to build and self-host internal business applications

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Appsmith (APPSMITH US)

Retool Vs Replit

TL;DR: Retool is transforming from a drag-and-drop CRUD builder into an AI-powered internal tools platform where engineering teams can ship...

Sacra

Primer: Retool - 13 Nov 2025

Tool for developers to build internal apps on top of production data sources

Sacra

Primer: Refine - 06 Oct 2023

Open-source React framework for building customizable CRUD-heavy admin panels and dashboards

Sacra

Abhishek Nayak, CEO Of Appsmith, On Building An Open Source Internal Tool Builder

Sacra interview with Abhishek Nayak, CEO and co-founder of Appsmith.

Sacra

Ravi Parikh, CEO Of Airplane, On Building An end-to-end Internal Tools Platform

Sacra interview with Ravi Parikh, the CEO of Airplane.

Sacra

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