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Wednesday, November 12. 2008

TechCrunch: Loopt Looks for Sale/Investment

Social Networking

Loopt is perhaps the best known of the "friend finder"/location-based social networking apps that run on cell phones. TechCrunch reports the company hired the investment band Allen & Co. to find a potential sale or investment partner.

VentureBeat suggests a sale is unlikely considering what it considers and insane valuation: $500 million. The article also notes that Loopt is up in the top apps in the Apple AppStore. Why? It's featured in iPhone TV commercials!

Posted by Adena Schutzberg in Social Networking, Apple at 09:50 | Comments (2) | Trackbacks (0)

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Loopt is such a cool concept (case in point, position in AppStore), I can't believe it hasn't exploded sooner. Check that, I do believe it. Loopt has done a horrible job of marketing, and took forever to reach beyond Sprint for other big providers. Heck, when I asked about Loopt at the local Sprint store, they didn't have a clue about it. $500M? Nah. But maybe a purchase could help Loopt reach it's true potential.
#1 Jim Lacy on 2008-11-14 15:36 (Reply)
Loopt seemed to completely loose focus. On one hand it's facebook plus location.

On the other hand, they tried to take on the iPhone App WhosHere for finding new people.

So it's sort of not as good as facebook for tracking friends, and not as good at meeting people around you as WhosHere.

combine that with not working on iPod touch or outside the US, and it seemed like a leaky bucket from the get go.
#2 Larry McDonnell on 2008-12-30 21:18 (Reply)

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