Time Warner and GGV Capital Join Partners in Fueling Turbine’s Growth

June 9, 2008

Turbine, a creator and operator of massive multi-player online games, announced it has raised $40 million in equity financing. The investment was led by Time Warner and GGV Capital, along with existing investors, Highland Capital Partners, Polaris Venture Partners, Tudor Ventures, and Columbia Capital. Turbine will use the investment to further accelerate its growth in online entertainment.

Turbine’s Award-Winning Online Games

An online entertainment veteran, Turbine currently operates three award-winning franchises around the globe: The Lord of the Rings Online: Shadow of Angmar, Dungeons & Dragons Online, and Asheron’s Call, and is one of the largest privately-held online gaming studios in North America.

"This is truly an exciting time for Turbine,” said Jim Crowley, president and CEO of Turbine, Inc. “The addition of Time Warner and GGV Capital 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."

Turbine’s Online Entertainment Growth Market Recognized by Time Warner

"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."

GGV Capital Invests in Turbine’s Online Gaming Expansion

Hany Nada, managing partner of GGV Capital, said, "The demand for massively multiplayer online worlds is exploding both geographically and in terms of platforms served. 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."