Loopt
Category: AI Search / Retrieval
A location-based social networking mobile application that allowed users to share their location with friends and discover nearby points of interest. Loopt was founded in 2005. The company is led by Sam Altman. Based in Mountain View, California, USA. Team size: 11-50. Total funding raised: $39.1 million. Latest round: Venture Round. Key investors include Sequoia Capital, New Enterprise Associates, Y Combinator.
- Founded
- 2005
- Headquarters
- Mountain View, California, USA
- Team size
- 11-50
- Total funding
- $39.1 million
Value proposition
To connect users with their friends and the world around them in real-time by sharing locations and discovering nearby people, places, and events.
Products and solutions
Mobile application for iOS and Android enabling location sharing and status updates., Pulse feature providing a database of local events and points of interest., Integration with social networks like Facebook for broader sharing.
Unique value
Loopt was among the first location-based social networking services leveraging GPS in early smartphones, enabling real-time social discovery before competitors like Foursquare.
Target customer
Early smartphone users interested in connecting with friends based on physical location and discovering local places and events.
Industries served
Social Networking, Mobile Technology, Location-Based Services
Technology advantage
Early mover with partnerships with major mobile carriers for application distribution and cross-platform compatibility across leading mobile OS.
How they differentiate
Focused on passive, real-time location sharing to enable spontaneous meetups, unlike competitors emphasizing active check-ins and gamification.
Main competitors
Foursquare, Gowalla
Key partnerships
Content partnerships with ZVents, Metromix, and SonicLiving for local event and place data., Distribution partnerships with mobile carriers for pre-installation and promotion.
Notable customers
Mobile carriers such as Boost Mobile pre-installed the app on devices.
Major milestones
One of the first Y Combinator-funded companies (W05 batch)., Launched as one of the first Apple App Store applications in 2008., Acquired GraffitiGeo in 2009., Acquired by Green Dot Corporation for $43.4 million in 2012.
Growth metrics
No specific public growth metrics; initial traction slowed due to privacy concerns and competition.
Market positioning
Early pioneer in location-based social networking, positioning as a utility for users to connect physically with friends.
Geographic focus
Primarily US market.
Patents and IP
Held patents related to mobile marketing and real-time location-based messaging, key factors in its valuation and acquisition.
About Sam Altman
Co-founder of Loopt, his first startup after dropping out of Stanford University. He later became the President of Y Combinator and is currently the CEO of OpenAI.
Official website: https://www.loopt.com