CNN Worldwide was one of the investors in a $7 million B round of financing closed by hyperlocal content and advertising platform Outside.in, which also included previous venture investors Village Ventures, Betaworks, the New York City Investment Fund and Milestone Venture Partners and was led by Union Square Ventures.
As part of its investment, CNN Worldwide also inked a concurrent multiyear deal to use the Outside.in for Publishers aggregation and curation platform to power hyperlocal news across CNN.com and related properties, with the first implementations expected to be completed during the first quarter of 2010.
Outside.in CEO Mark Josephson said:
In our opinion, there has never been a better time to build a new business in local media. This round represents a huge vote of confidence from our investors and CNN Worldwide that they agree and believe our results and approach are positioned to win. The continued support of our investors shows our proven track record and their confidence that we will continue to focus on delivering huge value for all participants in the local media ecosystem—consumers, publishers, bloggers and advertisers.