Nextdoor, the “private social network for you, your neighbors and your community”, just raised enough new funding to make it a billion-dollar company – in valuation, at least.
The company has raised $110 million in venture capital from Redpoint Ventures and Insight Venture Partners. This gives the company a $1.1 billion valuation.
“None of this would have been possible without the overwhelming support from our incredible members, city partners, and employees. They inspire us every day with stories of how Nextdoor is used to improve their lives and their neighbors’ lives. Whether it’s finding a great babysitter, selling a used couch, or coming together in times of crisis – we are honored that Nextdoor has become an essential lifeline to the neighborhood,” says Nextdoor co-founder and CEO Nirav Tolia.
Alongside the funding announcement, Nextdoor has also revealed that it’s up to 53,000 individual neighborhoods represented – approximately 35% of those in the US.
“Over three years ago, we launched Nextdoor with a clear mission: to use the power of technology to build stronger and safer neighborhoods everywhere. The response has been incredible. People truly do want to bring back a sense of community to the neighborhood and we’re humbled to be a part of it,’ says Tolia.
Nextdoor is a social network for people in the same community, and new users must verify their location and are then only able to interact with those in their neighborhood. Think of it as an always-on neighborhood newsletter, as the company touts some of its potential uses like “tracking down a trustworthy babysitter, finding out who does the best paint job in town, or asking for help keeping an eye out for a lost dog.”
Image via Nextdoor, Facebook