December 08, 2009 09:41 ET Closes $7MM Series B Funding

BROOKLYN, NY--(Marketwire - December 8, 2009) - (, the leading hyperlocal content and advertising platform, today announced the close of a $7 million B round of financing, led by Union Square Ventures and including CNN Worldwide, one of the world's most respected and trusted sources for news and information as a strategic investor. The round includes all previous venture investors, including Village Ventures, Betaworks, the New York City Investment Fund and Milestone Venture Partners, as well as continued support from a strong group of angel investors.

"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," said Mark Josephson, CEO of "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."

Said Fred Wilson, principal at Union Square Ventures, "Local media is undergoing a radical reinvention and is at the center of it, providing readers, advertisers, publishers, and bloggers the tools they need to make local news and information more relevant and profitable.'s reach has grown 500 percent in the past year, showcasing the power of this new model."

As part of its investment, CNN Worldwide entered into a concurrent multi-year deal to use the for Publishers aggregation and curation platform to power hyperlocal news across all of and its related properties. The first implementations are expected to be completed in Q1 of 2010.

"We are proud to have partnered with Union Square Ventures, Betaworks, and others to support during the next stage of its business evolution, as the company continues to build an industry leading platform serving the hyperlocal market," said KC Estenson, SVP and general manager, "Our strategic investment in this company and the hyperlocal platform they have built demonstrates our commitment to delivering a strong local news offering to our users."

The funding round comes after a year of significant milestones for

--  More than one hundred media partners around the country now use the For Publishers platform, including the New York Post, Dow Jones
    Local, Media General and Chicago Tribune
--  Traffic to the Network has grown to nearly six million
    monthly unique visitors
--  More than four thousand local bloggers use's distribution,
    geo-tagging and mapping tools

The funding will be used to support the continued development of the platform for local content and advertising.

About is the leading hyperlocal content and advertising platform used by millions of users and thousands of local bloggers and publishers each month. monitors all the news, blogs and discussions on the web and dynamically maps it to more than 50,000 neighborhoods in the US. Consumers can find "What's Happening, Where You Are, Right Now" at Publishers can use for Publishers to create customized and curated hyperlocal news sections. Bloggers can submit their sites for distribution in the Network. is supported by leading investors including Union Square Ventures, Village Ventures, Betaworks, the New York City Investment Fund, Milestone Venture Partners and CNN Worldwide. For more information, visit, the company's blog or follow us on Twitter.

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