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AI Assistant Startup Town Reaches Unicorn Valuation with $108M Series B Funding
Key points
- Town raised $108 million in Series B funding.
- The funding round co-led by Forerunner Ventures and Menlo Ventures.
- Town achieved a unicorn valuation four months post-launch.
- Introduced shared workflows for automatic Townie updates.
Funding and Valuation Milestone
Town, a San Francisco-based startup specializing in AI assistants, announced a $108 million Series B funding round. This investment, co-led by Forerunner Ventures and Menlo Ventures, propelled the company to a unicorn valuation. The funding comes just four months after Town's public launch, during which it reported reaching millions of dollars in annual recurring revenue within weeks. To date, Town has raised at least $160 million, including a previous $55 million Series A round in June.
AI Assistant Functionality
Founded by former Plaid CTO Jean-Denis Greze, Town develops AI assistants named Townies for businesses. Each employee receives a Townie that connects to various work tools, such as email and calendars, and other core business systems to assist with tasks. Townies can communicate with each other, share approved information, and now interact with customers and external parties.
New Workflow Feature
Alongside the funding announcement, Town introduced a shared workflow feature. This new capability automatically updates employees' Townies with new business information, removing the need for individual workers to manually update their own AI assistants. Additional participants in the funding round included Andreessen Horowitz, Serena Ventures, and First Round Capital.
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Reporting from
Town, an AI assistant startup, secured $108 million in Series B funding, co-led by Forerunner Ventures and Menlo Ventures, achieving a unicorn valuation four months after its public launch. The company provides AI assistants called Townies for business employees, integrating with work tools and enabling inter-Townie communication and external interactions.