Westwood, Mass. - Multiplayer online game developer Turbine announced on Wednesday that it has raised $40 million in a new financing round co-led by Time Warner (NYSE: TWX) and GGV Capital.

Previous investors Highland Capital Partners, Polaris Venture Partners, Tudor Ventures and Columbia Capital also participated.

Westwood, Mass.-based Turbine offers a game development platform, and has developed titles including "The Lord of the Rings Online," "Dungeons & Dragons Online" and "Asheron's Call."

"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," said Rachel Lam, SVP and group managing director of Time Warner Investments.

Turbine, which will use the new funds to accelerate growth, has now raised a total of over $90 million.

Related Links:
http://snipurl.com/2dovb