Nextdoor just became the latest private tech company to join the swelling ranks of the billion-dollar valuation club.
The San Francisco startup, which runs a social network for people to interact with others who live in their physical neighborhoods, announced today it has raised $110 million in new funding. Nextdoor has confirmed that the raise was conducted at a $1.11 billion post-money valuation.
Leading the round were Redpoint Ventures and Insight Venture Partners, who are both investing in Nextdoor for the first time. Also pitching in funding were new Nextdoor investors Meritech and Coatue, and existing investors Benchmark, Greylock Partners, Tiger Global Management, Kleiner Perkins Caufield & Byers, Comcast Ventures, and Shasta Ventures. To date, Nextdoor has raised a total of $210 million.
I’m personally a fan of Nextdoor, and have found it to be an invaluable way to keep track of the pulse of my neighborhood, from yard sales to lost pets to updates about crime and safety. Now that lots of local news sources have been sadly hollowed out, and many of us are more likely to spend our evenings surfing the web than hanging out on the front porch, I think Nextdoor is a platform that makes a lot of sense. It is certainly a matter of opinion, though — I’ve heard others complain that they’ve found their Nextdoor communities to be either a ghost town, or filled with useless noise. Like all social networks, each user’s experience and opinion of the service is bound to be pretty unique.