Neighborhood-oriented social network Nextdoor went public Nov 8, 2021 via a merger with a Special Purpose Acquisition Company (SPAC), trading under the symbol "KIND." Shares opened at $11.74 and were trading near $15 at midday.
Reports suggest Nextdoor was targeting a company valuation between $4 to $5 billion. According to PitchBook, it was worth $2.1 billion in 2019. The deal raises about $674 million for the company.
Before you can invest in Nextdoor, you'll need to open a brokerage account.
Nextdoor was founded in 2011 and is headquartered in San Francisco, California. It operates as a social networking platform for neighborhoods: a place for community members to connect, share news, make recommendations and support local businesses. It makes money through sponsored ads, local business deals and neighborhood sponsorship from real estate agents and home service providers.
Today, 1 in 4 US neighborhoods use Nextdoor. The platform is available in 11 countries and connects over 268,000 neighborhoods around the world.
In March 2020, the platform's daily active users rose 80% month-over-month as Nextdoor focused on safety updates and the support of elderly neighbors and small businesses. But it came under fire in the wake of the Black Lives Matter movement when it was discovered that local Nextdoor moderators were banning posts that used #blacklivesmatter.
In response to criticism that it failed to moderate the racial profiling present on its platform, Nextdoor released a statement in June 2020 to its millions of members. In the statement, Nextdoor's CEO, Sarah Friar, condemned racism and outlined how Nextdoor plans to tighten community moderation and increase organizational diversity. It also released a new feature called a Kindness Reminder to help reduce abusive posts.
It's impossible to predict how this, or other potential future scandals, could affect Nextdoor's stock once it goes public. But scandals often lead to volatility, so it may be worth researching the company further to see how they've handled other sensitive issues.
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