Streetlife, a social network that allows users in the UK to connect with nearby people, is set to be acquired by Silicon Valley-based firm Nextdoor.
According to the Financial Times, Nextdoor, which is valued at $1.1bn and launched in the UK approximately four months ago, declined to comment on the deal.
Streetlife, which claims to have 1.5 million registered users in the UK, has raised $5.83m across three rounds since it was founded in 2011. Sources close to the company say it had recently been struggling to raise new funding.
In contrast, Nextdoor has secured approximately $210m from prominent investors including Amazon founder Jeff Bezos’ VC arm and Tiger Global Management.
Nextdoor’s chief executive, spoke to the Financial Times at the time of its launch in the UK: “The difference between Streetlife and us . . . others do not verify users’ identity, there are no neighbourhood boundaries and it’s not private.”
Although details of the possible acquisition remain undisclosed, TechCrunch says the transaction, which will see Nextdoor purchase Streetlife’s assets, is being billed as “multi-million pound” deal.