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.

San Jose, Calif. - Gaia Online, an online virtual world targeting teens, has received an undisclosed sum as an investment from Time Warner (NYSE: TWX), VentureBeat reported.

San Jose, Calif. - Gaia Online, a virtual world and social network for teens, announced on Monday that it has created a "Council of Economic Advisors" to analyze Gaia's virtual economy, to be headed by Michael Boskin, former chairman of the U.S. Council of Economic Advisors under George H.W. Bush. "As teens spend more and more time in virtual hangouts, the economy inside them becomes very real to its users -- for example, there is real economic utility to Gaia Gold and virtual goods within Gaia," said Boskin. "It's exciting as an economist to help define structures and policies for these 'emerging' economies at such an early stage, and Gaia is an excellent case with its huge momentum and intense user engagement." Founded in 2003, Gaia Online currently counts 2.5 million monthly users, who engage in over 100,000 daily transactions.