Axel Springer invests in Nextdoor – ManagerMagazin

25 Oct 2017

German media giant Axel Springer invested in social network Nextdoor, reported ManagerMagazin.de (in German) this week. Neither side confirmed the report.

If true, it will be the first major investment in over two years for the fast-growing San Francisco-based company. Nextdoor raised $110 million U.S. in its last funding round on a valuation of $1.1 billion U.S..

Nextdoor, a free, social networking platform that lets neighbors share information and sell stuff, launched in Germany in June after rolling out in the U.K. and Netherlands last year. In Germany, it took on market leader Nebenan.de, founded in Berlin in 2015 and backed by Hubert Burda Media; and Nachbarschaft.net, a smaller platform that also launched in 2015.

Nextdoor.de launched in Germany in June

In an interview with TechCrunch in June, CEO Nirav Tolia claimed Nextdoor is in 75 percent of U.S. neighborhoods, 50 percent of Dutch neighborhoods and 40 percent of U.K. neighborhoods. He hinted at more funding rounds, saying he’s considering expansion to Asia and Latin America.

In the U.S., Nextdoor is moving beyond a business model based on in-feed ads. In July, it pilot-launched real estate listings with paid products for realtors.

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Kate Rodriguez

Kate Rodriguez covers the German market for AIM Group. She is a freelance business writer with an extensive background in public policy, business consulting and marketing. Originally from the U.S., Kate is now based in Munich.