Turbine Obtains $40 Million Funding

turbinelogo.jpgTurbine has announced that it’s raised $40 Million in equity financing. Time Warner Inc. and GGV Capital are the major investors shelling out big bucks to aid in Turbine’s aspirations to become an MMO Global Leader.

Jim Crowley, president and CEO of Turbine, Inc. is enthusiastic about putting this generous injection of funding to good use.

“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.”

Turbine’s three big MMOs in the market are Asheron’s Call, Dungeons & Dragons Online and the most recent addition to the portfolio, Lord of the Rings Online: Shadows of Angmar. Both major investors are banking on Turbine’s further success to net them a nice return on their investment.

“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 has a good track record for keeping its MMOs fresh with frequent updates and expansions. It will be interesting to see how its current offerings fair against the onslaught of the new mature rated MMOs Age of Conan and Warhammer Online: Age of Reckoning.

via Press Release

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