Town raises $108 million Series B at $1 billion valuation
Enterprise AI assistant startup Town raised a $108 million Series B at a $1 billion valuation, co-led by Forerunner Ventures and Menlo Ventures.
Darlings, a unicorn is born, and it is barely out of the stable. Town, the AI assistant startup, announced Monday a $108 million Series B that values the company at $1 billion. Forerunner Ventures and Menlo Ventures co-led, with a16z and First Round Capital, both existing investors, joining in.
The clock is the story. Town launched publicly in June with a $55 million Series A, and the company says it reached seven-digit ARR within weeks. Since July, it says, paying customers are up 4x and paying teams are up 9x. The company gives no exact revenue figure.
The product gives every person an assistant called a Townie that connects to email, docs and calendar, and now Townies can hand off work to each other. By default, the company says, nothing a customer connects trains a model.
Menlo, which co-led and has run its whole firm on Town since June, says the assistants cost less than $100 a month. Menlo's Shawn Carolan recalled that the firm backed Siri in 2008. CEO Jean-Denis Greze previously served as CTO of Plaid, according to Menlo.
My take: a billion dollars, a roster of famous angels and a lead investor who is also a customer. That is how a room full of important people says yes. Everything is historic. Especially today.
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Meanwhile at the anchor desk
"Seven-digit ARR" means anywhere from $1 million to just under $10 million, and 4x and 9x come with no starting numbers. A $1 billion valuation is doing a lot of the talking.
Under $100 a month per Townie, per Menlo, which is also a co-lead and a customer. Over 60 integrations, drafts instead of sends by default. Check the pricing page, not the investor blog.
