A tipster close to the company tells us that “the plug has been pulled” on Faces.com, an Australian social network. Sure enough, the site appears to be offline at this time.

Faces.com raised more than $2 million in venture funding, and received extremely positive reviews when it launched in 2006. At the time, Pete wrote:

“Compared to Xanga and LiveJournal, Faces.com is a more rewarding experience – it’s much more intuitive, and the features feel a bit more cohesive.”

On the other hand, he pointed out what may have been the site’s fatal flaw:

“But while Faces.com is piling on the features, it still seems to lack a unique angle – MySpace is edgy and focused on music, while Fotolog serves Latin America, Facebook caters to the college crowd, LiveJournal is mainly for teen girls and Bebo targets high schoolers (particularly in the UK).”

Since then, the other networks Pete mentioned have taken off, with several launching versions specific to Faces.com’s Australian audience. According to our source, Faces.com had about 200,000 registered users before going under, a respectable number, but not enough to keep the lights on indefinitely.

Anyone with more details, please contact us.

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