Nextdoor, the neighbourhood social network led by Tyrone born Sarah Friar, has raised $123 million in fresh funding.

The round was led by Riverwood Capital, with participation from existing investors Benchmark, Tiger Global Management and Kleiner Perkins.

The company said a large global asset manager was also involved for the first time.

"We’re thrilled and honored to partner with these forward-looking investors to catalyze neighbors’ ability to connect with relevant local conversations, organizations, and businesses, engage in real world interactions, and unlock the global power of local," said Ms Friar.

The Northern Ireland born CEO joined Nextdoor last year from Square, the payments company set up by Twitter founder Jack Dorsey, where she was Chief Financial Officer.

San Francisco based Nextdoor, which is used by 236,000 neighborhoods around the world, will use the money to accelerate its growth.

It currently operates in the United States, the United Kingdom, Germany, France, the Netherlands, Italy and Spain and Australia, and is growing into Sweden and Denmark.

The co-founder and managing partner of Riverwood Capital, Chris Varelas, will join Nextdoor’s board of directors.

"We believe Nextdoor represents the future of local community and commerce  – this investment reflects our collective belief in the power and opportunity in this space, and the Nextdoor team," he said in a statement.

The series F round brings to over $408 million the amount of cash raised by privately held Nextdoor, according to Crunchbase.