NextDoor receives USD60 million investment for international expansion
A whopping USD60 million in investment capital had been secured by social networking service NextDoor. The funding was obtained via a Series C financing participated by veteran investors. John Doerr, Lee Fixel of Tiger Global Management and Mary Meeker of Kleiner Perkins Caufield & Byers (KPCB) joined in the investment round.
Other investors who participated in the round included Comcast Ventures and existing investors Shasta Ventures, benchmark and Greylock Partners.
Total funding received by NextDoor was at over USD100 million.
NextDoor is growing to be a major social networking service for the neighborhood. The company's customer base, according to chief executive and founder Nirav Tolia, had increased to 400% in the last 12 months. Tolia said the company would be focusing more on growing its network first offshore, and then shift its focus on monetization.
Tolia said, "We believe that Nextdoor has the opportunity to be for our local life what Facebook is for our social life and what LinkedIn is for our professional life."
The new investment would go towards hiring more members for its engineering team in the next twelve months.