Foolish Money: Local SMS Alerts Company 80108 Gets $12 Million Funding; Launches

The Europeans are laughing at us, surely: circa 2007, us Americans think of launching SMS alerts. And yep, a company gets $12 million to start it, no less. If you wanted any more proof that foolish money is back in venture capital, here it is.
Ok, enough. Now the news: 80108 Media, a Boston-based local SMS alerts company, has received $12 million in two round of funding, and has launched its service. The round included General Catalyst Partners, IDG Ventures Boston, Khosla Ventures, and Borealis Ventures as investors.
The idea: Create 70 different SMS channels in 15 cities that send updates about events and local insider news from the company’s hired “correspondents.” For now, the service is free, but the company may eventually implement paid subscriptions, ad-supported channels, and will allow people to click on the message and call the ticket or reservation booth at a restaurant (rev share).
To prove it has some editorial creds, it has hired Sid Holt , former managing editor of Rolling Stone, as VP of programming. Other management team is here.