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Nextdoor, a startup that has built a private social network for people to connect with their neighbors, has raised $110 million in new funding, according to a new report.

The new money, which comes from Redpoint Ventures and Insight Venture Partners, gives the company a $1.1 billion valuation, the New York Times reported today.

Nextdoor confirmed the funding amount, sources, and post-money valuation in an email to VentureBeat.

The new funding suggests that investors believe Nextdoor has promise as the next big social network. Certainly cofounder chief executive Nirav Tolia believes that, too.

“We believe Nextdoor can be to our local life what Facebook is to our social life and what LinkedIn is to our professional life,” Tolia told VentureBeat in October 2013, when the startup was announcing a $60 million round.

Nextdoor started in 2010 and is based in San Francisco. It employs around 100 people.

To date Nextdoor has raised $210 million. Previous investors include John Doerr and Mary Meeker of Kleiner Perkins Caufield & Byers, Lee Fixel of Tiger Global Management, Comcast Ventures, Greylock Partners, and Shasta Ventures.

In September the startup launched Nextdoor for Public Agencies, which gives governmental organizations a way to communicate with people on the social network.

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