The key facts

  • Town raised $108 million in a Series B round at a valuation above $1 billion; at least $160 million raised in total
  • The company publicly launched four months ago and reported millions of dollars in ARR within weeks
  • The product is Townie AI assistants for employees, which connect to work tools and communicate with each other

Unicorn Valuation Four Months After Launch

Town, a San Francisco startup developing AI assistants, announced on Monday a $108 million Series B round led by Forerunner Ventures and Menlo Ventures, reaching unicorn valuation. The company was founded two years ago but publicly launched only four months ago and, according to it, reached millions of dollars in annual recurring revenue (ARR) within weeks. In total, Town has raised at least $160 million, including a $55 million Series A announced in June.

Product and New Features

Town — one of the many AI assistants now entering the market — is aimed at businesses. Each employee is given an assistant called Townie, which helps with tasks by connecting to email, calendars and other key work systems. Employees' Townies can communicate with each other and exchange approved information, and can now also work with customers and people outside the company. Along with the funding, Town announced the rollout of a shared workflow that automatically updates employees' Townies with new business information, sparing each worker from having to update their assistant manually.

Investors

In addition to Forerunner Ventures and Menlo Ventures, the round included Andreessen Horowitz, Serena Ventures and First Round Capital. The company's founder and leader is former Plaid CTO Jean-Denis Greze. TechCrunch noted that it reached out to the company for comment.