Gaia Online, an online world and social network aimed at teenagers, has raised $11m in its series C round led by venture capital (VC) firm Institutional Venture Partners.
News provider TechCrunch said the round took its total financing to more than $32m with investors including VC firms Benchmark Capital, DAG Ventures and Redpoint Ventures, and media groups Time Warner and Sony Pictures.
In January 2008, Gaia Online received a strategic investment from Time Warner as part of the firm’s series B round.
The investment had followed a partnership between the two firms, where Warner Bros. will make versions of the firm’s films available in Gaia’s virtual cinemas.
Sony had invested in December 2007 for the same reason.