KVSB - NextDoor CEO Sarah Friar will use funds from SPAC IPO to grow footprint invest in technology

Bim/E+ via Getty Images Sarah Friar, CEO of NextDoor (KIND), said Tuesday the company will use proceeds from its SPAC IPO to "keep growing the neighborhood" by adding areas to its hyperlocal social-media network. In an interview with CNBC, Friar detailed that funds will also go towards growing its relationship with businesses, which can advertise on the platform, and driving innovation in its advertising technology. The comments followed news Tuesday that NextDoor had reached an agreement with SPAC Khosla Ventures Acquisition Co. II (KVSB) to bring the company public. KVSB is one of the SPACs launched by Vinod Khosla, co-founder of Sun Microsystems. The stock will eventually trade under the "KIND" ticker once the transaction closes. The deal, which values NextDoor at $4.3B, will bring the company $686M in gross proceeds. The NextDoor CEO touted the firm's long-term growth prospects, saying that it can take advantage of unique access to

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NextDoor CEO Sarah Friar will use funds from SPAC IPO to grow footprint, invest in technology