When it comes to local advertising, everybody wants to replace the Yellow Pages, which makes money hand-over-fist from local merchants across the country. Seeing Interactive, A Y Combinator startup which launched last March, just raised a seed round of about $1 million from some high-profile investors to help local newspapers take more of those local advertising dollars away from the phone directories. The investors include Baseline Ventures, Lerer Ventures, FriendFeed co-founder Paul Buchheit, Delicious founder Joshua Schachter, and Alex Moore (an early employee at Palantir).

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