San Jose, Calif. - Gaia Online, an online virtual world for teens that claims 5 million unique monthly users, announced on Monday that it has closed an $11 million third round of funding from Institutional Venture Partners.

Founded in 2003, San Jose, Calif.-based Gaia Online offers a virtual world where teens and young adults create avatars and socialize, play games and watch movies.

The company said it is set to launch its first free, massively multiplayer online casual game this summer.

The new funds will be used to support growth and the development of new site elements.

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