Town becomes a unicorn four months after its launch: $108 million for its enterprise AI assistants

The start-up founded by Plaid’s former CTO has secured a Series B funding round of $108 million and reached a valuation of one billion, just four months after its public launch.

Town, a San Francisco-based start-up founded two years ago by Jean-Denis Greze, former CTO of Plaid, has announced a $108 million Series B funding round led jointly by Forerunner Ventures and Menlo Ventures, with participation from Andreessen Horowitz, Serena Ventures and First Round Capital. The funding round values the company at $1 billion, even though it has only been publicly available for four months. It had already announced a $55 million Series A round in June and claims to have raised at least $160 million in total.

One ‘Townie’ per employee

The concept: each employee has their own assistant, known as a ‘Townie’, linked to their email, calendar and the company’s key business tools. These assistants can exchange authorised information amongst themselves and, from now on, interact with clients or external contacts. Town claims to have achieved several million dollars in annual recurring revenue within a few weeks.

Alongside the funding round, the company is introducing a shared workflow: new company information is automatically pushed to all Townies, without each employee having to update their own. This is a key differentiator in a market for professional AI assistants that has become highly crowded.