Town, a San Francisco startup building AI assistants for enterprise workflows, closed a $108 million Series B on Monday, reaching unicorn status just four months after going public.
Forerunner Ventures and Menlo Ventures co-led the round. Combined with a $55 million Series A in June, Town has now raised at least $160 million.
The company's speed to revenue is the real story. It reported millions in annual recurring revenue within weeks of launching publicly—a pace that matters in a market crowded with AI chatbot startups chasing either consumer hype or undefined enterprise use cases.
Town's angle: each employee gets a dedicated "Townie" that plugs into email, calendars, and operational systems. The Townies talk to each other and to customers, automating information flow and task execution across a company. The company just launched a shared workflow feature that automatically feeds relevant business data to each Townie, removing the friction of manual updates.
The business model is straightforward—per-seat pricing with high stickiness once embedded in daily work. That's the opposite of consumer apps and explains why enterprise software investors are backing it with venture capital this aggressively.
Founder Jean-Denis Greze was Chief Technology Officer at Plaid, giving him credibility on financial systems integrations—a natural wedge for AI assistants in finance and accounting teams.
The enterprise AI assistant market is crowded, but most entrants chase either consumer flashiness or generic chatbot features. Town's bet is narrower: interconnected agents handling actual workflow automation for employees and customers. Higher contract values, deeper integration into core systems, and switching costs that stick. That's the bet Forerunner and Menlo are making.
