A source tells us that online community calling and podcasting site TalkShoe is in talks on a round of funding. The total is said to be $5 million and would likely come from Third Security, a Virginia-based private equity and venture capital firm.

The service hosted over 47,000 community calls last year, connecting 259,000 people, and had over 7.5 million downloads. In February the company announced its intention to become the go-to service for voice services on social networks. Last month, the company created a Facebook application. It also recently launched an iPhone application which makes it easy to use the device with the service.

The Pennsylvania-based TalkShoe launched in 2006.

We’ve contacted the company for a comment and will update when we know more.