Outside.in, a New York-based hyperlocal content and advertising platform, closed a $7m Series B round of financing.
The round was led by Union Square Ventures with participation from CNN Worldwide, Village Ventures, Betaworks, the New York City Investment Fund and Milestone Venture Partners, and a group of angel investors.
The funds will be used to support the continued development of the Outside.in platform for local content and advertising.
In connection with the investment, CNN Worldwide entered into a deal to use the Outside.in for publishers aggregation and curation platform to power hyperlocal news across all of CNN.com and its related properties.
The first implementations are expected to be completed in the first quarter of 2010.