Nextdoor Rings Up $123 Million

SAN FRANCISCO Nextdoor, which operates neighborhood-based community networks, has added $123 million in funding led by Riverwood Capital, with participation from existing investors Benchmark, Tiger Global Management and Kleiner Perkins.

Chris Varelas, co-founder and managing partner of Riverwood Capital, will join the company’s board of directors.

Nextdoor is using the funds to expand to Sweden and Denmark, adding to its current base in the United States, the United KingdomGermanyFrancethe NetherlandsItalySpain and Australia.

Founded in 2010, Nextdoor serves over 236,000 neighborhoods to get connected, stay informed, and help each other get things done in their everyday lives.

“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.”

“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.”