SAN FRANCISCO and MENLO PARK — Nextdoor, Inc., which operates a social neighborhood network, is set to go public tomorrow with Khosla Ventures Acquisition Co. II (Nasdaq: KVSB) (“KVSB”), a special purpose acquisition company sponsored by an affiliate of venture capital firm Khosla Ventures, LLC.
The combined company is expected to start trading on The New York Stock Exchange on Monday, November 8, 2021 under the new ticker symbol “KIND” for Nextdoor Class A common stock.
Nextdoor’s purpose is to cultivate a kinder world where everyone has a neighborhood they can rely on. Nextdoor connects neighbors to those nearby — neighbors, businesses, and public services — creating a highly engaged, hyperlocal network, building meaningful connections both online and offline. Now in over 280,000 neighborhoods globally, this transaction will enable Nextdoor to continue bringing all stakeholders of the neighborhood together to get things done locally and build thriving communities.
Nextdoor reported over 60 million registered members at the end of the first quarter of 2021 and estimates revenue of $178 million for 2021, an increase of 44% from a year ago. The company projects a $103 million loss in 2021 after a $75 million loss in 2020.
“We are thrilled to have completed our combination with KSVB and to be listing on the NYSE under the ticker “KIND”. Through the KVSB trust proceeds and the fully committed private placement, we raised $674 million that will help us to fund long-term growth at scale and enable our purpose of cultivating a kinder world where everyone has a neighborhood to rely on,” said Nextdoor CEO Sarah Friar. “We chose “KIND” as our NYSE ticker as kindness is core to Nextdoor’s purpose. At Nextdoor, we want to give neighbors ways to connect and be kind to each other, online and in real life. We believe a little kindness goes a long way towards making life easier, neighborhoods stronger, and the world a better place.”
“Nextdoor is a cutting-edge, category-defining company with tremendous growth potential. Importantly, their strong management team remains deeply committed to their purpose to cultivate a kinder world. We are proud to be listing on the NYSE under the ticker “KIND”, and we look forward to continuing our partnership and accelerating Nextdoor’s growth as a public company,” said Vinod Khosla, Founder of KVSB and Managing Director of Khosla Ventures.
Khosla was a co-founder of software and hardware company Sun Microsystems which was acquired by Oracle in 2009.