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Photo: Cindy Ord/Getty Images for Nextdoor

Nextdoor, the neighborhood social network in more than 275,000 global communities, announced that is has agreed to go public via a SPAC sponsored by Khosla Ventures — at an implied valuation of $4.3 billion.

Why it matters: Nextdoor has managed to avoid much of the scrutiny aimed at larger networks like Facebook and Twitter.

  • The hyperlocal social network saw massive growth during the pandemic as more people stayed home and paid attention to what was happening in their neighborhoods.
  • Nextdoor and Khosla are betting that behavior will continue.

What she's saying: CEO Sarah Friar tells Axios that, even as a public company, she plans to protect Nextdoor from social media pitfalls by foregoing opportunities that don't align with the network's mission.

  • "We know it's good for business to build out a platform that's about kindness, not in a saccharine way but in a bold way, and to support local businesses," she says.
  • Friar added that top priorities are to grow the user base, develop products to to make the newsfeed feel more personal to users and build more tools to make it more useful for local businesses. In addition, there will be a focus on hiring and international expansion.

Look ahead: When the proposed transaction closes, Nextdoor will be listed under ticker symbol "KIND."

Investors: The deal includes a $270 million PIPE from such investors as T. Rowe Price, Baron Capital Group, Dragoneer, and Soroban Capital.

  • Nextdoor had raised over $270 million from venture capitalists, most recently in late 2019 at a $2.2 billion valuation. Backers include Benchmark, Greylock, and Shasta Ventures.
  • Friar was previously CFO of Square, where Khosla was an early and significant investor.

Our thought bubble: Even with investors that are aligned with the social network's mission, being a public company comes with intense pressure to deliver on revenue and profit goals. It will be interesting to see if Nextdoor can maintain its "good guy" persona in the social media space.

Go deeper: Nextdoor: The next big social network

Go deeper

Updated 56 mins ago - Politics & Policy

Supreme Court rejects Trump's attempt to shield documents from Jan. 6 committee

Photo: Melissa Sue Gerrits/Getty Images

The Supreme Court rejected on Wednesday night a bid by former President Trump to block the release of documents and records from his administration to the House committee investigating the Jan. 6 riot at the Capitol.

Why it matters: Trump asked the Supreme Court to step in and block the release of the documents last month after a panel on the U.S. Court of Appeals for the D.C. Circuit unanimously denied his attempt to prevent the committee from obtaining the materials.

Senate Republicans block voting rights bill

Senate Minority Leader Mitch McConnell walks to the Senate floor on Jan. 18. Photo: Eric Lee/Bloomberg via Getty Images

Senate Republicans blocked Democrats' voting rights legislation from coming to a final vote on Wednesday in what was largely viewed as a doomed effort from the start.

Why it matters: The failed vote underscores the Democratic Party's current uphill battle to pass sweeping legislation in a 50-50 Senate.

Updated 1 hour ago - Politics & Policy

Biden says Russia likely to invade Ukraine

President Biden addressed the brewing conflict between Russia and Ukraine during a press briefing Wednesday, saying of Russian President Vladimir Putin, "my guess is he will move in."

Why it matters: U.S. officials have issued a series of warnings about Russia's threatening military buildup on the border with Ukraine, with Secretary of State Antony Blinken saying in Kyiv earlier Wednesday that Russia could invade "on very short notice."