Mark Androvich
15:53 (BST)
04/06/2008
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Turbine raises $40 million equity financing
Turbine has announced that it has raised USD 40 million in equity financing led by Time Warner and GGV Capital. Existing investors - Highland Capital Partners, Polaris Venture Partners, Tudor Ventures and Columbia Capital - also contributed to the financing.
"This is truly an exciting time for Turbine," said CEO and president Jim Crowley.
"The addition of Time Warner, one of the world's largest media companies, and GGV Capital, one of the financial community's most sophisticated investors, adds a level of access, perspective and experience to Turbine that is singularly unique in the global online entertainment space."
The company said that the investment will be used to further accelerate its growth as a global leader in online entertainment.
"Turbine has an extraordinary team, incredible technology and a growing portfolio of games based on some of the most popular brands ever created. With this funding we are uniquely positioned to change the future of online entertainment as we bring new titles to market, expand the platforms we support and introduce new technologies to sustain self-evolving game worlds," Crowley added.
Turbine created and operates three franchises around the globe - Asheron's Call, Dungeons & Dragons Online and The Lord of the Rings Online: Shadows of Angmar - and is one of the largest privately-held online gaming studios in North America.
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