Nextdoor’s (KIND) stock surged as much as 33% on Monday morning after the company listed on the New York Stock Exchange via a merger with a special purpose acquisition company.
Shares of the social-media neighborhood platform were trading above $14 each on the day of its public debut. Nextdoor raised $674 million with the closure of its merger with Khosla Ventures Acquisition Co. II, a blank check company.
The platform allows users to connect with neighbors and ask questions. Users can also sell used items directly to neighbors, similar to Facebook’s marketplace.
The network is available in over 280,000 neighborhoods globally. The number of users on the platform grew to 63 million by mid-2021, up from 58 million in 2020. Users must use real addresses to sign up.
Nextdoor is “quite penetrated” in the US, according to CEO Sarah Friar. Nearly 1 in 3 U.S. households uses the network.
“Naturally speaking as we go to new countries we see much faster growth because we’re younger, and more people are finding the platform,” CEO Sarah Friar told Yahoo Finance Live.
The company is focusing on growing in the U.K., Canada, Australia and the Netherlands, though it’s in 11 countries already.
Nextdoor’s revenue increased 66% year-over-year to $52.7 million in the third quarter of this year.
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Source: finance.yahoo.com