The neighborhood is getting bigger
This is a single insight from This Week in Apps #69 - Come Sail Away. Check out the full article for more insights.
Another IPO that's happening now is Nextdoor, an app for neighborhoods to stay connected.
If you look at Nextdoor's history, you'll see the only way forward for the ten-year-old company was an IPO. Nextdoor has raised $455M, suggesting investors trust the company enough to keep giving them more money, but also that it wasn't sustainable enough to continue on their own.
Let's see what six rounds of VC (F, if you're converting) raises can acquire:
Our estimates show that Nextdoor was downloaded 33M times across the App Store and Google Play since 2017. 2019 was a mega year for the app, adding 9M downloads, up 60% from 2018's total. The pandemic kept downloads strong with 8.5M downloads, according to our app intelligence.
What's Nextdoor offering, you ask? Ads.
In addition to communicating with neighbors, Nextdoor users can see local, personal, or general ads. In context, that's a really great way to advertise hyper-local businesses (think, neighborhood plumber) that would otherwise have to rely on word of mouth. It's also a good way to offer larger brands a peek into parts of our lives that feel smaller and more private.
Can it grow? Seeing as more people rely on their mobile devices and that social media has gotten us so accustomed to messaging, Nextdoor's path to continued growth is pretty clear. I suspect we'll be able to see a strong correlation between its downloads and stock price later this year.
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All figures included in this report are estimated. Unless specified otherwise, estimated revenue is always net, meaning it's the amount the developer earned after Apple and Google took their fee.