Loopt is either looking to cash in or cash out with the aid of an investment firm, TechCrunch reports. Allen & Co., which has successfully heralded some big sales in the tech space, was recently hired by the location-based social network to represent them in a sale or new round of funding. This summer, Loopt took an early lead on the iPhone when the App Store launched, and just recently regained its popular footing thanks to exposure in an iPhone TV commercial. Following the high-profile product placement, the friend-finder is being downloaded more often than Facebook or MySpace. The hardest thing to believe in all of this is the $500 million valuation Loopt is reportedly seeking under the guidance of Allen & Co., VentureBeat reports. Loopt has not replied to requests seeking comment.

SEE ALSO: Loopt Taps Qualcomm For Location Information; Report Says GPS On Phones Soars

UPDATE: Loopt just got back to us and confirmed it has hired Allen & Co. to work on “fundraising.” The company declined to share any details beyond that.