Town raises $108M and claims unicorn status

The AI assistant publisher Town confirms a rapid rise: the company announces a Series B funding round of $108 million co-led by Forerunner Ventures and Menlo Ventures, claiming unicorn status. At the same time, it unveils a shared workflow that automatically keeps its "Townie" assistants updated with clients' business data. To date, Town reports having raised at least $160 million and states that it has achieved annual recurring revenues of several million dollars within just a few weeks.

A Shared Workflow to Automatically Keep "Townies" Updated

Town has unveiled a shared workflow that automatically updates employees' "Townie" assistants with new business data, sparing each employee from having to update their own assistant. The Townies have the capability to integrate with email, calendars, and other essential company tools. They can exchange validated information among themselves and can also interact with clients or individuals outside the company.

Funding: $108M in Series B and New Investors

Town announced it has reached a unicorn valuation on Monday, during a $108 million Series B funding round co-led by Forerunner Ventures and Menlo Ventures. Andreessen Horowitz, Serena Ventures, and First Round Capital also participated in this round. The company states it has raised at least $160 million to date, including $55 million in a Series A announced in June.

Targeting Enterprises, Recent Launch, and Claimed Traction

Town targets enterprises by offering each employee an AI assistant called "Townie." The company, based in San Francisco and founded by Jean-Denis Greze, former CTO of Plaid, went public four months ago. It claims to have achieved annual recurring revenues of several million dollars within just a few weeks. Town is among the many startups specializing in AI assistants that are currently emerging in the market.