Nextdoor, the US-based geographical social media platform backed by internet technology group Alphabet and mass media company Comcast, has raised $75m in funding from undisclosed investors, The Information reported yesterday.
The funding was secured at a higher valuation than in Nextdoor’s last round in 2015, which valued it at $1.1bn according to two people close to the situation. A Delaware filing cited by The Information suggests the company raised the cash at a valuation of about $1.5bn.
Nextdoor has built a social network where members of neighbourhoods can interact with each other and potentially exchange goods or services.
The company aims to reach 100 million active users in the US by 2020, and is now present in the UK, Germany and the Netherlands after entering Europe in 2016. It generates its revenue from locally-focused advertising, having introduced sponsored content earlier this year.
The latest round increased Nextdoor’s total funding to $285m and came after a $110m series D round in early 2015 that included Comcast’s corporate venturing unit, Comcast Ventures.
The round, co-led by Redpoint Ventures and Insight Venture Partners, included Benchmark, Kleiner Perkins Caufield & Byers (KPCB), Greylock Partners, Meritech Capital Partners, Coatue Management, Tiger Global Management and Shasta Ventures.
Comcast Ventures had already participated in the company’s $60m series C round in 2013 alongside Benchmark, KPCB, Greylock Partners, Tiger Global and Shasta Ventures.
Nextdoor had previously received $21.6m in a series B round earlier the same year featuring GV, the Alphabet unit then known as Google Ventures, as well as Greylock, Benchmark, DAG Ventures, Pinnacle Ventures, Shasta Ventures, Bezos Expeditions and Allen & Company.