Sarah Friar, CEO, Nextdoor. Photo by Stephen McCarthy/MoneyConf via Sportsfile, licensed under Creative Commons

Nextdoor, the popular social network for neighborhoods, is considering options to go public, including an initial public offering or a reverse merger with a blank-check firm, according to a report [paywalled] by Bloomberg. Nextdoor is said to be targeting a valuation in the range of $4 billion to $5 billion on the public markets, substantially higher than its current private valuation of $2.1 billion which it fetched after closing a $170 million financing round in September last year.

Nextdoor seems to be looking towards an exit after nine years as a private company, wherein it’s raised a total of $470 million in funding. Among the company’s investors include notable names like Kleiner Perkins, Benchmark, Tiger Global, Riverwood Capital, and Mary Meeker’s Bond, investors whom seem to be in line to reap substantial profits from a Nextdoor public listing.

A Nextdoor public offering would mark the second such offering spearheaded by its CEO Sarah Friar, who previously oversaw the public offering of payments company Square then as its Chief Financial Officer (CFO). Friar served as Square’s CFO for six years before leaving to take up the CEO job at Nextdoor in late 2018. In addition to her current role at Nextdoor, she also holds board seats at two other well-known companies, Walmart and Slack.

Nextdoor is a social network for neighborhoods and communities. It’s currently available in nearly 300,000 neighborhoods across 11 countries which are the United States, the United Kingdom, Germany, France, the Netherlands, Italy, Spain, Sweden, Denmark, Australia, and Canada. Nextdoor makes money by selling sponsored ads and via a real estate vertical for local agents.

Nextdoor as a company is based out of the city of San Francisco.

Share this...

Facebook

Pinterest

Twitter

Linkedin

Whatsapp

Email

Print