Turbine Inc. makers of top titles ‘The Lord of the Rings Online’, ‘Shadows of Angmar’. ‘Dungeons and Dragons Online’, and ‘Asheron’s Call’ have sealed a $40M financing deal with top investors Time Warner Inc. and CGV Captial.
Time Warner Investments target non-control strategic investments, and is an integral part of the Time Warner parent company, a leading (if not THE leading) media and entertainment company in the US.
CGV Capital is a leader in expansion-stage venture capital investments in the U.S. and China. The firm manages over $1B in global capital from it’s offices in Silicon Valley, Shanghai and Singapore.
“Our investment in Turbine is an important addition to Time Warner’s entertainment initiatives,” said Rachel Lam, Senior Vice President and Group Managing Director of Time Warner Investments. “Online interactive
entertainment is a huge growth market and we are very excited about Turbine, its unique capabilities and the obvious opportunities that exist with our own broad portfolio of IP.”
“The demand for massively multiplayer online worlds is exploding both geographically and in terms of platforms served,” said Hany Nada, managing partner, GGV Capital. “Turbine is a proven leader in massively interactive online entertainment and the incredible technology that supports it. We look forward to marrying our strengths both here and in Asia with Turbine’s unique capabilities.”
Turbine CEO Jim Crowley says, “This is truly an exciting time for Turbine. 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. 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.”
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