Nextdoor, a social network for neighbors sharing information or trading goods and services, is evaluating options to go public, Bloomberg News reported, citing anonymous sources.
The company is targeting a valuation in the range of $4 billion to $5 billion, the sources told the outlet. Nextdoor is considering going public through a direct listing or by merging with a blank-check firm, one of the sources with knowledge of the matter told Bloomberg.
The San Francisco-based social network didn’t respond to Bloomberg’s request for comment.
Nextdoor has raised about $470 million and was last valued at $2.2 billion about a year ago, according to PitchBook. The company’s platform includes 268,000 neighborhoods globally, including one in every four in the U.S., according to Nextdoor.
While the social network is typically used by neighborhood residents to share tips and other information, it’s also gotten attention from the real estate industry. Brokers can buy ads on the platform, and Nextdoor also has products for local businesses that agents can use to reach potential customers, including a “sponsor a neighborhood” option that targets specific ZIP codes. [Bloomberg News] — Akiko Matsuda