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April - 2015 - issue > Venture Chakra

Nextdoor nabs $110 Million and a Billion Dollar valuation

SI Team
Wednesday, April 1, 2015
SI Team
Nextdoor just became the latest private tech company to join the swelling ranks of the billion-dollar valuation club. The San Francisco startup, which runs a social network for people to interact with others who live in their physical neighborhoods, raised $110 million in new funding.

Nextdoor has confirmed that the raise was conducted at a $1.11 billion
post-money valuation. Redpoint Ventures and Insight Venture Partners led the round, which included more than a half-dozen other new and existing backers. Since launching in late 2011, Nextdoor has nabbed $210 million in total funding.

The San Francisco-based company, which closed its fourth institutional funding round on Wednesday, could have raised more money, but Nextdoor restricted existing investors to $35 million. Nextdoor had interest from other investors at an even higher valuation, but the company was being
selective in its potential stakeholders.

Nextdoor's CEO Nirav Tolia said a public offering is still "a long way off." "There are examples of where we've seen inflated valuations," Tolia said. Nextdoor is a social network for neighborhoods. It has a dash of Craigslist, where neighbors can request handymen and a dash of Facebook, and users can complain about crime and nuisances.

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