San Francisco-based social network for neighbors buys UK company and announces plans to expand into France, Germany and other European countries.
Nextdoor, a private social media network aimed at facilitating communication between neighbors, has bought Streetlife, a smaller UK-based rival, completing what the company calls a multi-million-pound acquisition.
No member data will be transferred in the wake of the deal, Nextdoor announced in a release, but the networks will work together to encourage Streetlife’s 1.5 million users to sign up for Nextdoor. Nextdoor, a San Francisco-based company, first launched in Europe in February 2016, starting in the Netherlands. Four months ago, it brought its services to the UK, and plans are currently underway for expanding into France, Germany and other European countries.
Following four rounds of funding that netted the company 33 investors and $110 million, Nextdoor was valued at $1.1 billion in March 2015. At that time, Nextdoor reported that its users exchanged 5 million messages per day in 53,000 neighborhoods across the United States. Nextdoor now reports that its platform is used in 125,000 U.S. neighborhoods. The company initially launched with the backing of a group of significant investors, including Benchmark; Greylock Partners; Tiger Global Management; and Kleiner Perkins Caufield & Byers, among others.
In the wake of this acquisition, Streetlife will shut down in the coming weeks, still allowing its members to access legacy content and private messages throughout a 90-day transition period. Post-transition, Streetlife Founder Matthew Boyes will join Nextdoor as an adviser.
Nirav Tolia, CEO of Nextdoor, praised the deal in a statement.
“Streetlife has built a wonderful, engaged community of neighbors, and we’re excited to welcome them to Nextdoor,” Tolia said. “Ultimately, this deal will help deliver on our mission to create the most useful neighborhood network in the UK – one that can be used by every neighbor, in every neighborhood, every day.”