CNN invests in hyperlocal news startup Outside.in [2nd Update]

Time Warner’s CNN has invested in New York-based information aggregator.

As part of a $7 million funding round, the WSJ reports that CNN is getting a stake in the NY based startup. What percentage of the funding round is CNN’s is not yet known.

Primary funding came from from a series of angels as well as a few VC firms. Those firms include Union Square Ventures, Milestone Venture Partners, and Village Ventures.

Outside.in wants to do for blogging “what Google local search has done for the web.” The company aims to make local blogs the focal point of information access, rather than forums or reviews. It helps you find places around you, get news for the places and neighborhoods you really care about, and engage more with your neighbors.

– Update 2 –

Outside.In just contacted us, and corrected, but did not clarify our information. We are talking to them at the moment.

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