Nextdoor, a US-based social media platform backed by corporates Alphabet, Axel Springer and Comcast, completed a $170m funding round on Tuesday following a $47m extension supplied by investment firm Bond.
Private equity firm Riverwood Capital led the round’s $123m first close in May 2019, participating alongside hedge fund manager Tiger Global Management and venture capital firms Benchmark and Kleiner Perkins. VC firm Kleiner Perkins Caufield & Byers (KPCB) split into Bond and Kleiner Perkins in September 2018.
The original close also featured an undisclosed asset manager according to NextDoor, though it made no mention of them this week. Both tranches were raised at a valuation of $2.1bn, according to TechCrunch.
Founded in 2011, Nextdoor operates a social media network that enables neighbourhood communities to talk to each other online. It verifies each user’s address to make sure they live on the relevant street before allowing them to join a group.
The service has grown to encompass more than 247,000 neighbourhoods across 10 countries and the additional funding will support continuing global expansion efforts and recruitment.
Mary Meeker, general partner at Bond, will join the company’s board of directors in conjunction with the series C close, which brought Nextdoor’s funding to approximately $455m altogether.
GV, a corporate venturing vehicle for internet technology conglomerate Alphabet, first invested in the company through a $21.6m series B round led by VC firm Greylock Partners in 2013 that included Benchmark, DAG Ventures, Shasta Ventures, Pinnacle Ventures and Bezos Expeditions.
Nextdoor secured $60m in a series C round co-led by Tiger Global and KPCB later the same year that also featured Comcast Ventures, the corporate venturing subsidiary of mass media group Comcast, in addition to Benchmark, Shasta and Greylock.
Comcast Ventures returned in 2015 to participate in a $110m series D round co-led by Redpoint Ventures and Insight Partners and backed by Benchmark, Greylock, Tiger Global, KPCB, Shasta, Meritech Capital Partners and Coatue Management.
Nextdoor subsequently added $75m in funding from undisclosed investors in 2017. Media group Axel Springer was identified as an existing shareholder in May 2019, but it is unclear when it invested in the company.
