Town raises $108 million Series B at unicorn valuation four months after launch
The funding gives the AI assistant startup more room to scale after a fast launch and early revenue growth.
Town said it closed a $108 million Series B led by Forerunner Ventures and Menlo Ventures, giving the two-year-old AI assistant startup a unicorn valuation just four months after its public launch. The company says it has already hit millions of dollars in annual recurring revenue and has now raised at least $160 million in total, including a previously announced $55 million Series A in June. Town, founded by former Plaid CTO Jean-Denis Greze, sells business-focused AI assistants called Townies that connect to email, calendars and other core work systems. It also introduced a shared workflow that pushes new company information into employees’ Townies automatically, and said the round included Andreessen Horowitz, Serena Ventures and First Round Capital.
Why it matters
The round shows Town has moved from a new product to a business with significant investor backing and early recurring revenue in a short time. For companies using its Townies, the new shared workflow means business updates can flow into employee assistants automatically, which could make the product more useful across teams as it grows.
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Sources
- TechCrunch