The neighborhood social media firm Nextdoor, Inc. announced it has closed a $170 million fundraising round — adding $47 million to the $123 million it raised as of May 2019.

The round was led by San Francisco-based technology investors Bond with participation from new investor Riverwood Capital and existing investors Benchmark, Tiger Global Management and Kleiner Perkins

Mary Meeker

The funding will help with Nextdoor’s global exansion and its development of local business offerings such as the real estate agent advertising product that rolled out this past spring.

Bond’s Mary Meeker will join Nextdoor’s board of directors.

Nextdoor claims its social media app is used by residents of 247,000 neighborhoods in 10 countries. The company’s platform attracts users with a newsfeed, classified listings and an event calendar that circulates among users who live near to one another. 

It makes money from sponsored posts by local business owners and a real estate feature that allows agents to brand themselves as local experts in specific zip codes.

The company has been building its leadership team, with recent hires including Antonio Silveira as its head of engineering, Tatyana Mamut, head of product, Bryan Power, head of people, and Craig Lisowski, head of data, information systems and trust. 

Privately held, Nextdoor has raised $455 million and is valued at $2.1 billion, according to Crunchbase.

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