Macromedia Inc said Tuesday that it has struck a deal for $44m in funding for its shockwave.com Inc online entertainment business. The funding comes in line with Macromedia’s plans to spin the online games and content business off as an independently- capitalized company. The round of funding includes investments from Sequoia Capital and Netscape and SGI founder Jim Clark.
Shockwave.com will use the new funds to fuel growth in its content, to build the next generation of its popular site, and to add new services for its growing base of more than six million members. The company says that, since its launch in late July, registration has averaged more than 50,000 people per day. As part of the funding deal, Michael Moritz, a partner at Sequoia Capital, will become a member of the shockwave.com board of directors.
