Neighborhood social network company Nextdoor recently announced that it raised $123 million in funding led by Riverwood Capital. Existing investors Benchmark, Tiger Global Management, and Kleiner Perkins also participated in this round. And a new undisclosed global asset management company also joined this round as well.
This round of funding comes at a time where Nextdoor is accelerating its growth. For example, it is extending its reach into Sweden and Denmark and also expanding upon its footprint in the United States, the United Kingdom, Germany, France, the Netherlands, Italy, Spain, and Australia.
“Around the world, there is a universal yearning for the connectedness of proximity. Neighbors everywhere still love and care about belonging and contributing to a tangible, real place as evidenced by Nextdoor’s continued growth and expansion throughout the US, Europe and Australia,” said Nextdoor CEO Sarah Friar. “We’re thrilled and honored to partner with these forward-looking investors to catalyze neighbors’ ability to connect with relevant local conversations, organizations, and businesses, engage in real world interactions, and unlock the global power of local.”
So far, Nextdoor has grown three times faster across Europe this year compared to last year. And there are now neighbors in more than 236,000 neighborhoods using Nextdoor to stay connected and help each other get things done.
“We believe Nextdoor represents the future of local community and commerce – this investment reflects our collective belief in the power and opportunity in this space, and the Nextdoor team,” added Riverwood Capital co-founder and managing partner Chris Varelas. “We’re excited to be a part of this growing local platform and the much-needed strengthening of communities that Nextdoor is enabling around the world.”
Nextdoor is going to continue investing in building out its team as the company recently made a number of strategic hires including Tatyana Mamut as head of product, Bryan Power as head of people, and Craig Lisowski as head of data, information systems, and trust.
“Nextdoor has proven itself as the clear leader in local, with its ability to not only bring back a sense of community to neighborhoods everywhere, but also transform the local economy,” explained Benchmark general partner Bill Gurley. “We are excited to continue to support Nextdoor’s growing global footprint as a crucial part of neighbors’ lives.”
Nextdoor launched in 2010 and the company raised over $400 million total since then. The original founders of Nextdoor include Nirav Tolia (board member), Sarah Leary (board member), Prakash Janakiraman (Chief Architect), David Wiesen (Director of Engineering), and Adam Ginsburg (Advisor).
