French location-based social network Plyce has announced its official launch with first-round funding of 300,000 euros from Jaina Capital and Kima Ventures.
Plyce was founded in Paris last month. Its mobile network is currently available on the iPhone, iPod Touch and iPad. The company focuses on Europe with the stated aim of becoming the leading location-based social network (LBSN) on the Continent within three years.
The application is similar to Foursquare in many respects. It allows users to share their locations and highlight other venues in the area. If a location is not listed, the user can create it.
Users can also add comments and pictures to a specific location, creating a storyboard for friends who have agreed to follow each other. At any venue, the app instantly notifies the user if network friends are present at the same location.
The Plyce business model is based on monetising the app through location-based marketing and advertising. The company hasn't specified exactly how it will help local businesses create brand loyalty and drive foot-traffic, but the launch announcement included the possibility of replacing printed loyalty cards with electronic cards
