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Loopt, the service that lets you geo-locate friends with mobile phones, has called down $2.25 million of a $12 million Series B round.
This means that while Loopt has raised $12 million, its requested access to $2.25 of this larger amount, possibly to increase its working capital costs. The round was led by return investors New Enterprise Associates and Sequoia Capital. The company has already received an $8 million Series A round of investment. In related news, Loopt has also been signed on by Sprint Nextel to offer GPS location features for staying connected with friends. This is part of Sprint Nextel's larger plan to provide more mobile social networking tools.