Team collaboration AI assistant Town raises $108M Series B at $1B valuation

Team collaboration AI assistant company Town announced the completion of a $108 million Series B funding round at a $1 billion valuation. The round was co-led by Forerunner Ventures and Menlo Ventures, with existing investors including a16z and First Round Capital participating. According to the company's announcement, Town gives each employee an AI assistant called Townie that can connect to their email, documents and calendar; the assistants can talk directly with one another and hand off work. Town launched publicly in June 2026, when it secured a $55 million Series A; the company says its paying customers have grown 4x and paying teams 9x since July.