MMO developer Turbine found its purse a bit heavier this week after securing a $40 million round of financing from a group of investors led by Granite Global Ventures, filling the Lord of the Rings Online creator's total venture capital money bin to around $90 million mark.
According to a report by Private Equity Hub, the investment also saw Granite Global's managing partner Hani Nada take a seat on Turbine's board, presumably in order to make sure the money was put to good use and not slipped into the underwear of Elvish hookers after a night on the town. While we remain in the dark as to what exactly the studio will do with its newfound wealth, Turbine is expected to make an announcement regarding its future plans in the next two weeks.
[Via GI.biz]
Reader Comments (10)
Posted: May 1st 2008 10:26AM (Unverified) said
Hmm. Note to self: hit up Granite Global Ventures.
Posted: May 1st 2008 10:41AM Pojomofo said
Turbine must have thru these Granite Global (countertop makers??) guys one helluva pitch to get them to drop $40mil on them. Hopefully with that kinda funding we can see a AAA game from them.
Posted: May 1st 2008 11:25AM (Unverified) said
Oh god, AC3 please, please please.
Posted: May 1st 2008 11:41AM welles said
Seconded for AC3.
However, this is with the proviso that it is based completely on AC1 and nothing like AC2.
However, this is with the proviso that it is based completely on AC1 and nothing like AC2.
Posted: May 1st 2008 12:06PM (Unverified) said
I predict they will take this cash and make LOTRO...
Fun!
Good luck Turbine
Fun!
Good luck Turbine
Posted: May 1st 2008 2:43PM (Unverified) said
Still about $910 million short of that billion mark needed to not have enough money to compete with blizzard & WoW
Posted: May 1st 2008 5:19PM Pipp said
This is going to end badly.
The market is entirely over saturated with MMORPGs.
I wish them luck, though.
The market is entirely over saturated with MMORPGs.
I wish them luck, though.
Posted: May 2nd 2008 10:08AM JCDoe said
This could be interesting, depending on the IP. 90 mil will buy you an awful lot of neato-burrito art assets and fancy coding, but without a popular IP to get the masses in the door, its not going to be profitable . . .
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