Investments

Nextdoor Continues Rapid Growth With $170M Funding Round

Nextdoor Continues Growth With $170M Funding

Nextdoor, a social network that aims to offer a community-centric feel, just closed a $170 million Series F funding round, according to reports.

Four months ago, the San Francisco-based company announced it had a valuation of $2.1 billion and that it had raised $123 million.

The newest cash injection of $47 million was funded by Bond, a billion-dollar growth fund led by Mary Meeker, who is now a member of the board of directors for Nextdoor.

“Mary Meeker has been a strong supporter of Nextdoor for many years and is deeply knowledgeable about consumer technology,” said Nextdoor CEO Sarah Friar. “At Nextdoor, we believe change starts with each of us opening our front doors and building deeper connections with the people nearest to us: our neighbors.”

The network is currently available in Sweden, Germany, the U.K., the U.S., Denmark, France, Italy, Spain, the Netherlands and Australia. The company said it is ready to move into “many more” markets with the new capital.

“Building connections in the real world is a universal human need,” the company said on its website. “That truth, and the reality that neighborhoods are one of the most important and useful communities in our lives, have been a guiding principle for Nextdoor since it was founded in 2011.”

So far, Nextdoor has raised around $450 million. Many analysts ascribe that to the company’s neighborly approach, as the allure of global social platforms fades.

Facebook has said it wants to get more private, and Amazon recently launched an app called Neighbors, powered by its security apparatus, Ring. Google’s sister company, Sidewalk Labs, recently invested in another community marketplace app geared toward elderly people called Umbrella.

“Nextdoor has proven itself as the leader in local connectivity,” Meeker said. “Nextdoor is built on trust – verifying each members’ name, address, and neighborhood – which creates the transparency and accountability that is core to building communities.”

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