Turbine Secures $30 Million in Funding
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TURBINE SECURES $30 MILLION IN SERIES B FUNDING
Investment Reaffirms Support of Turbine's Online Games Market Potential
WESTWOOD, Mass. -- May 9, 2005 -- Turbine, Inc., a leading publisher of online subscription entertainment, today announced that it has secured $30 Million in Series B equity financing. Tudor Ventures and Columbia Capital led the new round with additional funding from existing investors Highland Capital Partners and Polaris Venture Partners. In connection with the financing, Carmen Scarpa, a partner at Tudor Ventures, will join the company's Board of Directors; Jeff Patterson, a partner at Columbia, will be added as an observer.
"We are excited about adding the talent and expertise of these two great firms to the company," said Jeffrey Anderson, president and CEO, Turbine, Inc. "This investment demonstrates Turbine's commitment to being the premiere provider of online gaming in North America. We are excited that all four of our Series B investors are confident in Turbine's ability to deliver triple-A games and services."
Turbine develops, publishes and operates massively multiplayer online video games (MMOG). In addition to its award-winning Asheron's Call® franchise, Turbine is producing and funding Dungeons & Dragons® Online, the only MMORPG be based on the world-famous Dungeons & Dragons franchise. Turbine also recently acquired the exclusive MMOG rights to The Lord of the Rings™ and The Hobbit™ literary works by the world-renowned author J.R.R. Tolkien and is producing and publishing The Lord of the Rings™ Online.
"Turbine has emerged as one of the clear leaders in online gaming," said Carmen Scarpa, partner at Tudor Ventures. "Our commitment to Turbine is a validation of the Company's experienced management team, proprietary technology and outstanding market potential."
With its world-class franchise roster, Turbine is at the forefront of the exploding massively multiplayer online games market. According to DFC Intelligence, individual subscriptions to MMOGs in North America, Europe and Japan topped more than 2.5 million and generated more than $400 million in revenue in 2004. The number of subscribers in those markets alone is expected to hit nearly 10 million by 2009 and generate more than $1.6 billion in revenue.
About Turbine, Inc.
Turbine, Inc. is a premier producer, publisher and operator of online subscription entertainment and is headquartered in Westwood, Mass. With studios on two coasts, the company is the largest privately-held online games company in North America. Turbine's catalogue includes some of the most famous online entertainment brands, including Asheron's Call®, Dungeons & Dragons® Online: Stormreach™ and The Lord of the Rings™ Online. For more information on Turbine and its services, please visit www.turbine.com.
