It received funding form a bunch of smart people. From Union Square Ventures commentary:
They've built a platform that placebloggers can submit their content to. Their platform "tags" that content with a geocode -- an address, zip code, or city -- and that renders a new page for every location that has tagged content...I really like this idea. If you want to now what's going on in an area, follow Rachel Ray's suggestion and Ask The Locals! Now you can get other people's opinion on politics, food, tourism, etc...
Outside.in is also a community with people and places in it. You can look at a person's favorite posts, favorite places, and favorite neighborhoods. These community features are brand new and their effect on the service has yet to be seen.
We'll see how the coverage expands, in my area (the Capital District around Albany, NY) the number of bloggers that consistently produce good content is limited to about half a dozen. Still, tagging and organizing all the blogs on the web is a really neat idea. We are still in the infancy of local search / local community (if you want to cram more buzzwords together call it social local search and wait for the Yahoo buyout). I can't wait to see how services like this and Yelp evolve and compete with Google and Yahoo local.
Found via John Battelle's coverage.
Update: Matthew Hurst has some interesting words to say about Outside.In and blogger geolocation. In the upcoming conference on blogs and social media (ICWSM), he will be presenting a paper on automatically identifying bloggers locations by scraping their profile pages. What's even cooler is that this work evolved into classifying blogger location based on the content of the blog content itself, work being done by Matt Siegler.