Nextdoor funds

Nextdoor, co-founded by Indian American entrepreneur Nirav Tolia, is potentially valued at $1.5 billion. (Nextdoor photo)

Nextdoor, a private social media app where neighbors can find out about a plethora of events and issues in close proximity, has raised $75 million in a new round of funding.

With the latest round, Nextdoor, co-founded by Indian American entrepreneur Nirav Tolia, is potentially valued at $1.5 billion.

The startup raised the money in a new round of Series G funding in August, with shares issued at a price 28 percent higher than its previous round, according to a The Information report.

The report said that the funding comes from undisclosed new investors. Previous funding rounds have been led by Benchmark, Greylock Partners, Kleiner Perkins and Insight Venture Partners.

The new capital will likely help the business expand to more communities, according to TechCrunch. In June, CEO Tolia, who is a graduate of Stanford University, told TechCrunch that the service was being used in 160,000 neighborhoods in the U.S., the U.K. and the Netherlands.

In August, he told TC that he’d like the platform to be in 85 percent of U.S. neighborhoods by the end of this year. He also said that he’d like to continue its international expansion in Germany, India, Japan and Brazil.

The San Francisco, Calif.-based company raised over $110 million from venture capital firms in a round of Series D funding in 2015 that valued the company at $1.1 billion, according to Crunchbase.

To date, the company has raised over $285 million.

Nextdoor strives to be the internet’s “yellow pages,” connecting neighbors via a mobile app on which residents can find babysitters, realtors and the latest neighborhood news.

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