Nextdoor, the neighborhood social networking site raised about $75 million in a funding round, The Information reported, estimating that the valuation is $1.5 billion. The round was confirmed by TechCrunch.
This adds to the over $200 million that the San Francisco-based company has raised, dating back to 2010. Its last reported round was in early 2015 at a $1.1 valuation.
The report says that the funding comes from undisclosed new investors. Benchmark, Greylock Partners, Kleiner Perkins and Insight Venture Partners led the rounds previously.
Nextdoor has not responded for comment, but the new capital will likely help the business expand to more communities. In August, CEO Nirav Tolia told TechCrunch that he’d like the platform to be in 85% of U.S. neighborhoods by the end of the year. He also said that he’d like to continue its international expansion in Germany, India, Japan and Brazil.
The company recently began rolling out its real estate listings feature, bringing in new sponsorship revenue for the business. In-feed advertising accounts for the rest of the top line.
Nextdoor is used as a platform to communicate with neighborhoods about anything from new restaurants to furniture sales to local crime. In major cities, Nextdoor divides the platform into various sub-neighborhoods.
I personally use it to find out what’s going out in my local Rincon Hill community, a small area within the South of Market neighborhood in San Francisco. People mainly vent about the recent community re-naming to The East Cut. (What were they thinking?) But it’s been helpful for finding out about local events and businesses. Sometimes people give away nice furniture.