Loopt Hires Allen & Co. For Financing Or Sale

Loopt is in the news today. In addition to getting a nice surge in iPhone downloads after being featured in an Apple TV commercial, we’ve heard that they’ve hired investment bank Allen & Co. to represent them in a sale or financing transaction.

A sale in this economic environment is extremely unlikely, so we’re guessing they’re looking to add to the $13.3 million they’ve already raised from Sequoia Capital and New Enterprise Associates. The valuation on this round is likely to be north of $250 million, say our sources.

Allen & Co. Managing Director Dave Wehner is the guy pitching the deal, say our sources. He’s tends to get results – representing Bebo in their $850 million sale to AOL, Powerset in their $100 millionish sale to Microsoft, Stubhub in their $310 million sale to eBay and (we believe) Ning in their half billion dollar valuation financing round. Among others.

Disclosure: Loopt offers a TechCrunch branded version of the service here.