Town raises $108 million at a $1 billion valuation

Town announced the Series B on October 19, 2026, and said the round values it at $1 billion.[1] Forerunner Ventures and Menlo Ventures co-led the financing.[1] Town says a16z, First Round Capital, Better Tomorrow Ventures, Precedent.vc, Scribble Ventures, Serena Ventures and Sparked Ventures also participated, alongside several angel investors.[1] TechCrunch reported that Town had raised at least $160 million to date.[3] The announcement follows Town’s public launch in June 2026, which the company says included a $55 million Series A.[1]

Town gives each person an AI assistant called a Townie.[1] The assistant connects to its user’s email, documents, calendar and core work systems, and learns their relationship context, projects and voice, according to Town.[1] Town says Townies can ask one another questions, connect information and hand off work.[1] They can also check teammates’ connections, request an introduction and arrange a meeting.[2] TechCrunch reported that Town announced a shared workflow alongside the funding that propagates new business information to employees’ Townies.[3]

Town says Townies can communicate by email and text with customers, partners and candidates outside the company.[1] Menlo Ventures says the default behavior is to draft messages rather than send them.[4] Town says each Townie shares only information its user would share and asks permission when needed.[1] The company also says customer-connected data is not used to train a model by default, and that it is SOC 2 Type 2 compliant and has a public data processing agreement.[1] Town says it uses models from major AI labs and selects a model for each task to avoid locking customers into one provider.[1]

Town says it reached seven-digit annual recurring revenue within weeks of its public launch.[1] It also reported that paying customers grew fourfold and paying teams ninefold from July onward, and said thousands of businesses rely on Townies for work every day.[1][2] Menlo Ventures said it put its whole firm on Town in June and described Townies handling inbox triage, briefing preparation and follow-ups.[4] Menlo also said Town had more than 60 integrations across categories including CRM, project management, coding and finance.[4] These adoption and usage figures are company and investor statements; the evidence does not provide independent verification.