With this much financing capital on the way, this can only mean great things in the way of future releases from Turbine.

WESTWOOD, MA -- June 4, 2008 -- Turbine, Inc. today announced that it has raised $40 million in equity financing.  Time Warner Inc. (NYSE: TWX) and GGV Capital, a leader in expansion-stage venture capital investments in the U.S. and China, led the investment along with existing investors, Highland Capital Partners, Polaris Venture Partners, Tudor Ventures and Columbia Capital.  The investment will be used to further accelerate Turbine’s growth as a global leader in online entertainment.  

 

“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,” said Jim Crowley, president and CEO of Turbine, Inc. “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.”