In 2005, Turbine Inc. secured a massive injection of funds to the tune of $30 million from various venture capital investors. With that cash, the massively multiplayer online game maker produced a pair of persistent-world titles that have met varying measures of success--Dungeons & Dragons Online: Stormreach and The Lord of the Rings Online: Shadows of Angmar.
Today, the Westwood, Massachusetts-based developer said that it has once again secured significant investment for funding its future endeavors, this time amounting to $40 million. Time Warner and GGV Capital led the equity financing, with existing investors Highland Capital Partners, Polaris Venture Partners, Tudor Ventures, and Columbia Capital also contributing to the cash installment.
Adding a bit of color to what Turbine intends to do with the $40 million, Turbine CEO Jim Crowley said, "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."
Time Warner has displayed an active interest in the gaming industry as of late, beyond its Warner Bros. Interactive Entertainment subsidiary. In April, the media conglomerate helped bail out UK-based SCi Entertainment, increasing its stake in the company to 20 percent by purchasing €15 million ($23.1 million) in additional stock. The media company also entered into a North American publishing agreement with SCi. As part of the deal, Time Warner agreed to distribute SCi- and Eidos-boxed products in North America, as well as provide other creative, publicity, marketing, and sales services, through its Warner Bros. Home Entertainment label.