Vc’s New Frontier – Social networking on your cell phone

That’s created the opportunity for others to come in.

You may not have heard of Jaxtr or Jajah, but valley venture capitalists have.

The local start-ups are among a growing number of so-called mobile lifestyle companies that promise to dramatically change the way we use our phones — and VCs are flocking to them in droves.

The companies are part of the latest wave of change in the telecommunications industry, coming on the heels of the widely successful Skype phone service that lets users call cheaply overseas.

More than half a dozen companies are emerging from test periods this fall, primarily in two flavors: those focused on making overseas long-distance calling over the Internet more affordable, trying to compete with Skype; and those letting users access social-networking programs on their cell phones.

So far, venture capitalists have poured tens of millions of dollars into this industry, and more big deals are on the way.

Full Story: http://www.topix.net/content/kri/4122628770113267807226786700020343465365