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"Nextdoor, the social network designed specifically for neighborhoods, announced a $60 million funding round on Tuesday. \nThe financing comes from just two sources \u2014 venture capitalists John Doerr at Kleiner Perkins and Lee Fixel of Tiger Global Management, said Nextdoor CEO Nirav Tolia. The funding gives the company $90 million in the bank, he added. Nextdoor had already raised $40 million, spending only $10 million.\nSee also: 10 Hot Social Networks to Watch\nSources familiar with the situation said Tuesday's financing values Nextdoor at more than $500 million, which is not as high as the $1 billion threshold eclipsed by other social sites like Instagram, Snapchat and Pinterest. \nNextdoor was built to serve small, neighborhood communities. The site lets users build profiles and connect with their neighbors, filling a hole that Tolia believes was left open by other social sites like Facebook and LinkedIn. These neighborhood communities often serve as a hybrid of Craigslist, Yelp and LinkedIn. The site is helpful in many ways \u2014 from finding trusted babysitters to alerting neighbors about local emergencies.\nTuesday's funding announcement comes less than one week after the company's two-year anniversary. Nextdoor has seen impressive growth in the last 12 months; more than 22,500 neighborhoods are signed up on Nextdoor, up from just 5,700 hundred one year ago. \nThe company still doesn't generate revenue, but that's not a concern for Tolia, who said Nextdoor emulates other social sites like Facebook, Twitter, and LinkedIn. \n\"None of those other companies rushed [monetization],\" he said. \"We want to do things very carefully and be very deliberate about when we do [advertise]. And frankly, raising this money gives us the opportunity to be deliberate.\"\nA look at the location of all Nextdoor's neighborhoods.\nNextdoor will use the new funding to hire employees. Tolia hopes to bring the company headcount from 70 to more than 150 in the next year and expand internationally. \"We want to hire as many engineers as possible,\" he said. Nextdoor also wants to increase adoption in the 100 largest cities in the United States.\nOctober has proved a successful month for social media funding. Pinterest raised $225 million last week, lifting the company's valuation to just shy of $4 billion, and Snapchat is reportedly looking to add to the $60 million it raised in June. \nHave something to add to this story? Share it in the comments.\nImage: Chris Dlugosz, Nextdoor"^^<http://www.w3.org/2001/XMLSchema#string>
<http://mashable.com/2013/10/29/nextdoor-raises-60-million/>