Outside.in, a New York-based company that aggregates news and blog discussion around towns and neighborhoods, said Tuesday it has raised $3 million in venture funding and hired a new CEO, former About.com general manager Mark Josephson.
The new funding, which brings Outside.in's total capital raised to $5.4 million, comes from existing investors Union Square Ventures, Milestone Venture Partners, Betaworks, and a number of angel investors led by George Crowley. A new investor, the New York City Investment Fund, also joined the round. Outside.in said it plans to use the cash infusion to focus on developing and expanding its technology.
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Josephson is replacing co-founder Stephen Berlin Johnson as CEO. Johnson, who made a name for himself before Outside.in as the author of the book Everything Bad Is Good For You, will remain chairman of the board.