Town raises $108 million at unicorn valuation

Town raised $108 million in a Series B round at a unicorn valuation, according to TechCrunch. Forerunner Ventures and Menlo Ventures co led the round, with participation from Andreessen Horowitz, Serena Ventures and First Round Capital.

The San Francisco company launched publicly four months ago and says it reached millions of dollars in annual recurring revenue within weeks. It has raised at least $160 million, including a $55 million Series A round announced in June.

Town gives business employees AI assistants called Townies, which connect to email, calendars and other work systems. The assistants can exchange approved information with one another and work with people outside the company. Town also introduced a shared workflow that automatically gives employees' assistants new business information.