Following earlier rumors, Lord of the Rings Online developer Turbine has officially announced that it has raised $40 million led by GGV Capital and media company Time Warner, who made special note of "opportunities that exist with our own broad portfolio of IP."

Turbine's release also noted that GGV Capital is "a leader in expansion-stage venture capital investments in the U.S. and China." Additional investments came from existing Turbine investors Highland Capital Partners, Polaris Venture Partners, Tudor Ventures and Columbia Capital.

Time Warner Investments managing director and senior VP Rachel Lam said, "Our investment in Turbine is an important addition to Time Warner's entertainment initiatives. 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."

Turbine’s catalog of subscription-based PC MMO titles include Asheron’s Call, Lord of the Rings Online, and Dungeons & Dragons Online. The company appointed former m-Qube COO Jim Crowley as its new CEO in a round of new executive hires in late 2007.

Said Turbine CEO Jim Crowley, "Turbine has an extraordinary team, incredible technology and a growing portfolio of games based on some of the most popular brands ever created. With this funding we are uniquely positioned to change the future of online entertainment as we bring new titles to market, expand the platforms we support and introduce new technologies to sustain self-evolving game worlds."