From TRD LA: Nextdoor, the private social media app on which neighbors can find out about both block parties and break-ins, raised $75 million in a new round of funding that potentially values the platform at $1.5 billion.
The startup raised the money in a new round of Series G funding in August, with shares issued at a price 28 percent higher than its previous round — putting its valuation at nearly $1.5 billion, The Information reported.
The San Francisco-based company raised over $110 million from venture capital firms in a round of Series D funding in 2015 that valued the company at $1.1 billion, according to Crunchbase. As of today, the social media enterprise had raised over $285 million.
Its latest investors were not disclosed. In the past, Venture capital firms Benchmark, Greylock Partners, Kleiner Perkins Caufield & Byers and Insight Venture Partners all provided funding.
Nextdoor, led by Nirav Tolia, strives to be the internet’s “yellow pages,” connecting neighbors via a mobile app on which residents can find babysitters, realtors and the latest neighborhood news. The free service has reached over 161,000 neighborhoods across the country, according to its website, while expanding to the U.K., the Netherlands and Germany. [TI] — Natalie Hoberman