Loopt in the loop with Series B close

Loopt, a company that specializes in social networking for mobile phones, has raised $8.25 million of a proposed $12 million Series B, according to a regulatory filing.

The company, founded in 2005, raised $5 million in its Series A from Sequoia Capital and New Enterprise Associates in May 2006.

Sam Altman dropped out of Stanford University to co-found Loopt with three of his friends. While still at Stanford, Altman entered his startup in the Business Association of Stanford Entrepreneurial Students business plan competition. He didn’t win, but he did catch the eye of NEA Partner Patrick Chung. The two worked together and Altman later turned to Chung to put together a Series A investment. Chung sits on the Loopt board with Sequoia Partner Greg McAdoo and TiVo CEO Michael Ramsay.

Altman also worked with the Y Combinator startup incubator. Y Combinator is a group of computer science experts affiliated with the Massachusetts Institute of Technology that offers financing and guidance to seed-stage startups. Altman contracted scurvy while working in Cambridge with the Y Combinator group after eating only Raman Noodles and drinking Starbucks coffee for a month.

Altman declined to comment on the financing or what firm might come in to finish the $12 million round. The company has won key partnerships with mobile service providers lately, including a deal with Sprint announced last week. And it is possible that Loopt may have cut a deal with a strategic investor, such as a large telecom, or even a hedge fund with a substantial stake in wireless carrier companies. —Alexander Haislip