Nextdoor, a hyperlocal social network for neighbors and local businesses has raised an additional $123 million in funding, led by Riverwood Capital, the company announced Tuesday. Nextdoor now says it’s valued at approximately $2.1 billion after the latest round.
“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,” Chris Varelas, co-founder and managing partner of Riverwood Capital said in a statement. “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.”
Varelas will join Nextdoor’s board of directors as a result of the most recent funding round, which also includes participation from Benchmark, Tiger Global Management and Kleiner Perkins.
Nextdoor will continue to build out its team with the funding. It recently hired a number of new executives, including Tatyana Mamut as head of product, Bryan Power as head of people and Craig Lisowski as head of data, information systems and trust.
The additional funding also coincides with the company’s push to grow. Nextdoor announced on Tuesday it would expand into Sweden and Denmark. It’s currently live with more than 236,000 neighborhoods in the United States, the United Kingdom, Germany, France, the Netherlands, Italy, Spain and Australia.
“Around the world, there is a universal yearning for the connectedness of proximity,” Nextdoor CEO Sarah Friar said in a statement. “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 U.S., Europe and Australia.”
“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,” Friar added.
Nextdoor offers an online advertising portal for real estate agents. The tool, known as, “neighborhood sponsorships,” allows agents to pay to have their face and information appear to users in the real estate section of a given neighborhood on Nextdoor’s app and website.
The company raised prices in January on its neighborhood sponsorships, drawing criticism from some agents, who told Inman that they’ve struggled with using their Nextdoor sponsorships to generate leads.