Nextdoor, the 7-year-old social network for neighborhoods, is after more advertising dollars. The quick pitch: Nextdoor is home to only users with verified addresses across 190,000 U.S. neighborhoods. That means advertisers can target real people by their specific location, merging the online and offline worlds.
Nextdoor tripled its revenue over the last year, said Lauren Nemeth, Nextdoor’s chief revenue officer. The company, which is backed by $285.2 million in venture capital funding from big investors such as Kleiner Perkins and Benchmark, declined to disclose the total revenue for 2018 as well as whether it’s profitable. In an earlier interview with Fortune, Nextdoor CEO Nirav Tolia had projected “tens of millions” in revenue for 2017.
The platform has “tens of millions” of users, the company said, without providing additional specifics.
“We tripled our ad business, not just because I’m a genius and have a team of geniuses. It’s more that we dramatically evolved the ad product to be frictionless. Before we were a walled garden and not taking third-party data, but now we do CRM ingestion and lookalike modeling,” Nemeth said.
Indeed, Nextdoor has been investing in maturing its ad platform. In December, it introduced a programmatic offering so advertisers wouldn’t necessarily have to work directly with Nextdoor’s sales team. Nextdoor now works with “hundreds of advertisers,” Nemeth said. Top industries include home security, retail, dining, financial services, tech, telecoms and automotive.