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Nextdoor Raised $75 Million in New Round

Nextdoor, the social media platform for city neighborhoods, has raised $75 million at a valuation above the $1.1 billion level it reached in its last fundraising round in 2015, according to two people close to the situation.

The precise valuation couldn’t be learned. But in August, the company authorized $75 million in new Series G shares at a price that was 28% above its previous round, according to a Delaware filing. That would peg its new valuation at close to $1.5 billion. Nextdoor spokesman Steve Wymer declined to comment.

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Mr. Tolia told Forbes earlier this year that the company will make “tens of millions” in ad revenue this year. The company likes to say it wants to be the new “yellow pages” of the internet, allowing local businesses like real estate agents, babysitters and plumbers to advertise as well as national internet providers looking for more customers in specific neighborhoods.

—Cory Weinberg contributed to this article

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