Nextdoor Raises $110 Million At A Valuation Of More Than $1.1 Billion

By Dan Anderson ● Mar 6, 2015

Nextdoor, a free and private social network for neighborhoods, has raised $110 million in funding led by new investors Redpoint Ventures and Insight Venture Partners. This gives Nextdoor a valuation of more than $1.1 billion, according to The New York Times.

New investors Meritech and Coatue also joined this round along with existing investors Benchmark, Greylock Partners, Tiger Global Management, Kleiner Perkins Caufield & Byers, Comcast Ventures, and Shasta Ventures.

Nextdoor launched in October 2011 and over 53,000 neighborhoods in the US have adopted the local social networking service. This represents over 35% of neighborhoods across the US. “Nextdoor’s progress to date is striking, but they are just getting started,” said Redpoint Ventures partner Satish Dharmaraj. “We strongly believe that Nextdoor will become the definitive social network for everything related to your local life.”

Some of the additional milestones include 85% of neighborhoods in the top 40 cities by population adopted Nextdoor, 63% of Nextdoor members engage with the social network at least once a week, and 647 local agencies in 508 cities partnered with Nextdoor to communicate relevant information to residents.

“We founded Nextdoor with an ambitious mission: to use the power of technology to build stronger and safer neighborhoods everywhere,” added Nextdoor CEO and co-founder Nirav Tolia. “The response from our members has been incredible. People truly want to bring back a sense of community to the neighborhood and we’re humbled to be a part of it.”