Nextdoor Secures $123 Million to Fund Expansion
Nextdoor Inc. announced $123 million in funding led by Riverwood Capital, with participation from existing investors Benchmark, Tiger Global Management and Kleiner Perkins, and new participation from a large global asset manager. This will cement Nextdoor as the essential local platform for neighbors around the globe. Chris Varelas, co-founder and managing partner of Riverwood Capital, will join the company’s board of directors.
The funding comes at a time of accelerating growth for the company. Nextdoor is extending its reach into Sweden and Denmark, adding to its current footprint in the United States, the United Kingdom, Germany, France, the Netherlands, Italy, Spain and Australia. Today, neighbors in over 236,000 neighborhoods are using Nextdoor to get connected, stay informed, and help each other get things done in their everyday lives. The launch of two new European countries is yet another exciting milestone for the company, with Nextdoor growing three times faster across Europe this year than it did in 2018.
“We believe Nextdoor represents the future of local community and commerce – this investment reflects our collective belief in the power and opportunity in this space, and the Nextdoor team,” said Chris Varelas, co-founder and managing partner of Riverwood Capital. “We’re excited to be a part of this growing local platform and the much needed strengthening of communities that Nextdoor is enabling around the world.”
Nextdoor will continue to invest in building out its world-class team, adding to the bench of recent strategic hires including Tatyana Mamut, head of product, Bryan Power, head of people, and Craig Lisowski, head of data, information systems and trust to focus on ensuring the product best serves neighbors, local businesses, public agencies, and advertisers.
“Around the world, there is a universal yearning for the connectedness of proximity. Neighbors everywhere still love and care about belonging and contributing to a tangible, real place as evidenced by Nextdoor’s continued growth and expansion throughout the US, Europe and Australia,” said Sarah Friar, CEO of Nextdoor. “We’re thrilled and honored to partner with these forward-looking investors to catalyze neighbors’ ability to connect with relevant local conversations, organizations, and businesses, engage in real world interactions, and unlock the global power of local.”
“Nextdoor has proven itself as the clear leader in local, with its ability to not only bring back a sense of community to neighborhoods everywhere, but also transform the local economy,” said Bill Gurley, general partner of Benchmark. “We are excited to continue to support Nextdoor’s growing global footprint as a crucial part of neighbors’ lives.”
For more information on Nextdoor’s global social impact, visit the blog or www.nextdoor.com.