Local lead generation and social networks have begun attracting the eyes of prominent venture capital firms.  ReachLocal and Outside.in raise over $60 Million in separate efforts.

ReachLocal, who is addressing opportunities for online media to dip into a $97 billion offline local advertising market, attracts $55 million from Rho Ventures and Galleon Crossover Fund.

Outside.in, a Brooklyn, NY local social network, raised $1.5 million from Union Square Ventures. Interesting note this is the VC firm of Fred Wilson an avid technology investor, blogger, and Web 2.0 tinker. Look for commentary on his blog possibly.

VCs run in packs once someone throws there chips on the table and sets a marker value on an investment theme. I suppose local lead generation is on the radar. I am eager to see where it goes.