‘The billionaire Nextdoor: Local social network hits $1.1 billion valuation’ – ‘Mashable’

Todd Wasserman says, “Nextdoor, a 5-year-old social network based on geographical proximity, is raising $110 million, which will give it a $1.1 billion valuation.

The investment, first reported by The New York Times and confirmed by a rep to Mashable, was led by Redpoint Ventures and Insight Venture Partners.

Nextdoor has spent the last half-decade building its network, which aims to connect people who live close to one another. The idea is similar to Yik Yak, except that members on the network aren’t anonymous; instead, they must verify their names and home addresses. Nextdoor hasn’t disclosed how many people are on its network, which contains some 53,000 “microcommunities” in the U.S”.

The billionaire Nextdoor: Local social network hits $1.1 billion valuation