The growing social network announced in May it had raised $123 million, but that round ended up closing on Monday with $170 million.
Nextdoor’s latest funding round received a boost from global technology firm Bond, infusing the neighborhood-centric social network with $47 million in additional capital following news in May that it had raised $123 million.
The round ended up closing Monday with a total of $170 million raised.
“Nextdoor is connecting people to the information and services that matter most, and I am excited to work with this impressive team to help expand Nextdoor’s local utility as well as it’s growing global footprint,” said Bond founder Mary Meeker, who will now sit on Nextdoor’s board of directors.
Joining Bond in this funding round are Riverwood Capital and existing investors Benchmark, Tiger Global Management and Kleiner Perkins.
Nextdoor is currently in a period of immense growth. The hyper-local social network is currently live in 10 countries and more than 247,000 neighborhoods. The company plans to use the fresh capital to continue expanding globally, enhance its local business offerings and grow out its team.
“At Nextdoor, we believe that change starts with each of us opening our front doors and building deeper connections with the people nearest to us: our neighbors,” Nextdoor CEO Sarah Friar said in a statement. “We’re thrilled and honored to partner with all of our 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 offers an online advertising portal for real estate agents. The tool, known as “neighborhood sponsorships,” allows agents to pay to have their face and info 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.
In June, the company also launched a new feature called “Your Home,” which is meant to be a landing space on Nextdoor’s website and app that shows users how much their home might be worth and how much they might earn if they sold it. In essence, Nextdoor is now providing users with an automated valuation model (AVM) akin to Zillow’s Zestimate or the Redfin Estimate.