KVSB - Hyperlocal-content firm Nextdoor sets Khosla Ventures SPAC deal with Cathie Wood's backing

Cindy Ord/Getty Images Entertainment Hyperlocal social-media network Nextdoor (KIND) agreed Tuesday to go public via a SPAC deal with Khosla Ventures Acquisition Co. II (KVSB) that values Nextdoor at some $4.3B and includes backing from Cathie Wood’s Ark Invest and other top financial firms. The two companies said in a statement that the deal will give Nextdoor some $686M in gross proceeds, including a $270M public investment in private equity (“PIPE”) backed by entities affiliated with ARK Invest, Baron Capital, Dragoneer, ION Asset Management, T. Rowe Price, Tiger Global and other A-list firms. Other PIPE participants include Khosla Ventures, Nextdoor CEO Sarah Friar and financial U.K. firm Hedosophia, which has partnered with Chamath Palihapitiya’s Social Capital to create the popular Social Capital Hedosophia series of special purpose acquisition companies. Plans call for Nextdoor to take over Khosla Ventures Acquisition Co. II’s Nasdaq listing and trade under the symbol “KIND” once

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Hyperlocal-content firm Nextdoor sets Khosla Ventures SPAC deal with Cathie Wood’s backing