In a press release dated today, K2 Network, Inc. announced that the MMOG publisher has secured $16 million in Series B funding. The funding was led by Intel Capital, the investment arm of Intel Corporation.
Intel Capital was joined in this funding by new investors Greycroft Partners, Khosla Ventures and Novel TMT Ventures as well as returning investors BV Capital and mvp Capital. The online gaming industry has grown rapidly in recent years and is forecasted to hit $13 billion by 2011 according to DFC Intelligence.
The funds will be used to develop and internationally market K2 Network’s portfolio of MMO games which include titles such as Sword of the New World, Knight Online and Global MU Online.
The definition of Series B funding as described by FundingPost.com:
Series A Preferred Stock is the first round of stock offered during the seed or early stage round by a portfolio company to the venture capitalist. Series A preferred stock is convertible into common stock in certain cases such as an IPO or the sale of the company. Later rounds of preferred stock in a private company are called Series B, Series C and so on.
![[GIVEAWAY] Global Agenda 2 Year Anniversary Booster Pack!](http://www.mmogamer.com/wp-content/themes/widezine/thumb.php?src=http://www.mmogamer.com/wp-content/uploads/Logo_GA_FreeAgent_Recursive_Colony_720.png&w=60&h=60&zc=1&q=80&bid=1 "[GIVEAWAY] Global Agenda 2 Year Anniversary Booster Pack!"){kind=logo}
0.683
Join the conversation!