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.

Nextdoor aims to connect users with those in the same geographic area. Its user base represents more than 53,000 neighborhoods around the country, and Nextdoor is also working hard to sign up local authorities
like cops and firefighters onto the network.