Nextdoor, the social media app dedicated to connecting neighbors, said on Tuesday it will be going public via a deal with a special purpose acquisition company that values the company at $4.3 billion.
The San Francisco-based company said it had reached an agreement to merge with a SPAC backed by venture capital firm Khosla Ventures. Nextdoor would generate roughly $686 million in gross proceeds from the deal, with about $270 million coming from private investments from Baron Capital Group, T. Rowe Price Associates and other firms.
Nextdoor was founded in 2008 and launched in the U.S. in 2011. The app allows users to talk about what’s going on in their neighborhood and seek help from neighbors on anything from babysitting to home repairs.