Parallel Web Systems hits $2B valuation five months after Series A
So, there’s this startup called Parallel Web Systems, founded by Parag Agrawal, who used to be the CEO of Twitter. They just landed $100 million in Series B funding, pushing their valuation to a whopping $2 billion. Sequoia led the investment, with support from other backers like Kleiner Perkins and Index Ventures. Interestingly, this comes just five months after they raised $100 million in Series A, when the company was valued at $740 million, bringing their total funding to $230 million. They create APIs for web search and research aimed at AI agents, and their clients include names like Notion and Opendoor. Over 100,000 developers are using their tools. Agrawal’s success follows his dramatic exit from Twitter, where he was let go by Elon Musk, leading to a $128 million lawsuit that was settled last month.
Key facts
- Parallel Web Systems raised $100 million Series B at $2 billion valuation.
- Series B led by Sequoia.
- Existing investors Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital, and Terrain Capital also participated.
- Series A was $100 million at $740 million valuation five months earlier.
- Total capital raised is $230 million.
- Customers include Clay, Harvey, Notion, Opendoor, and unnamed banks and hedge funds.
- Over 100,000 developers use Parallel's products.
- Founder Parag Agrawal was former Twitter CEO fired by Elon Musk; severance lawsuit settled in October.
Entities
Artists
- Parag Agrawal
- Elon Musk
Institutions
- Parallel Web Systems
- Sequoia
- Kleiner Perkins
- Index Ventures
- Khosla Ventures
- First Round Capital
- Spark Capital
- Terrain Capital
- Clay
- Harvey
- Notion
- Opendoor
- TechCrunch