At Nextdoor, we believe in the global power of local. As we look around the world, no matter where you are, people want to belong and contribute to a real place. They want connection to the people closest to them, and they want access to locally relevant content that helps them get things done in their daily lives. It is these things, both big and small, that are the building blocks of local community. And when communities are connected, we know they are healthier, wealthier and safer, all contributing to a thriving economy and a happy place to live. It’s exciting to see neighbors in over 236,000 neighborhoods around the world turning to Nextdoor to do just this. This week, we are thrilled to welcome Denmark and Sweden to the neighborhood. Velkommen! Välkommen!
Since day one, Nextdoor has been built on trust. The fact that we require neighbors to use their real name and address encourages them to provide trusted recommendations to fellow neighbors, lend a helping hand to a neighbor in need, or rally support for a local charitable organization or initiative. Take for instance Copenhagen neighbor Diane who uses Nextdoor to meet new people after her children recently went off to college, or Stockholm neighbor Stefan who has been organizing clean up events in his neighborhood. We, at Nextdoor, relish our role in connecting neighbors and strengthening their local communities, and we know there is still more work to be done.
To build on this momentum, we are thrilled to announce $123 million in funding. With this wind in our sails, we can serve more neighbors around the globe, build out our world-class team, and enhance the platform for the neighbors, local businesses and public agencies who rely on Nextdoor everyday. We’re excited to partner with passionate and forward-looking investors who believe whole-heartedly in our vision, including Chris Varelas, co-founder and managing partner of Riverwood Capital, who will be joining our board. Chris knows firsthand the power of proximity and is an avid community builder, including his work with the Aspen Institute.
Everything at Nextdoor is built on local– it’s what makes Nextdoor an essential part of neighbors’ daily lives around the world. In 2019, we are particularly focused on local businesses. When they thrive, communities thrive, and there is so much we are uniquely positioned to do for them. Helping build their reputation, attract new customers, and improve customer loyalty will ultimately drive more sales to the local businesses that are core to our communities. The local multiplier effect is a well known economic outcome that we want to amplify at Nextdoor.
We are honored that so many neighbors depend on us in their daily lives and we take the responsibility very seriously. We could not be more excited about our accelerating growth, and welcoming Denmark and Sweden to our global neighborhood.
The Local Multiplier Effect (LME) is a very valuable, hidden feature of our economies. The term refers to how many times dollars are recirculated within a local economy before leaving through the purchase of an import. Famed economist John Maynard Keynes first coined the term “Local Multiplier Effect” in his 1936 book The General Theory of Employment, Interest and Money.