Town, a San Francisco startup that builds AI assistants for the workplace, announced on 19 October a $108 million Series B at a $1 billion valuation. Forerunner Ventures and Menlo Ventures led the round, with a16z, First Round Capital and Serena Ventures taking part, along with other backers including Better Tomorrow Ventures, Precedent.vc and angels such as Scott Belsky and OpenAI's Romain Huet.
“We believe that this context is a critical asset and should belong to the company that built it”
Jean-Denis Greze and Tony Vincent, Town co-founders, in the funding announcement, as reported by SiliconANGLE · siliconangle.com ↗
Each employee gets an assistant called a Townie, wired into their email, documents, calendar and core work tools. The new money is aimed at making Townies useful to each other: they can now ask one another questions, pass work along and share workflows. One example given is a business-operations team updating competitor battle cards once, after which every salesperson's Townie uses the new analysis to prepare for calls. Townies can also email and text people outside the company, such as customers, partners and candidates.
Town says it reached seven-figure annual recurring revenue within weeks of its June public launch, and that since July paying customers have grown fourfold and paying teams ninefold. It gave no absolute customer numbers, and both outlets stress that the growth figures are the company's own and that the valuation still has to be earned. It offers more than 60 integrations, including Salesforce, Jira and GitHub, drafts messages by default rather than sending them, uses models from several AI labs, holds a SOC 2 Type 2 report and does not train on customer data by default.
Screenshot from Town's product or announcement material, used as SiliconANGLE's lead image (1729x1012)
Image: SiliconANGLE
The company launched publicly in June with a $55 million Series A led by a16z, after an $18 million seed round in March 2025 led by First Round. Total funding is reported differently: SiliconANGLE puts it at $160 million, Tech Funding News at about $181 million. CEO Jean-Denis Greze, formerly Plaid's CTO, founded the company with Tony Vincent, who previously founded companies later bought by Google and Dropbox; the two met at Dropbox. It began in 2024 as AI tax preparation for small businesses before widening into a general assistant.
Menlo's Shawn Carolan said Town had picked the harder but larger business market over consumers; Menlo moved its whole firm onto Town in June. The founders also argue the context a Townie accumulates belongs to the employer, though staff can take their own with them if they leave. Part of the new money is earmarked for building more integrations. What remains open, per the coverage, is whether teams keep paying and whether assistants that share context across a company ever overshare.