RealTime IT News

Macromedia Bags $44 Million for shockwave.com

Macromedia Inc. Thursday poured an additional $44 million into shockwave.com Inc., the company's online entertainment business.

The round of funding includes an investment by top-tier venture firm Sequoia Capital and Jim Clark, founder of myCFO, Inc., and Healtheon and co-founder of Netscape.

shockwave.com will use the new funds to fuel growth in shockwave.com content, to build the next generation of its popular site, and to add new services for its rapidly growing base of more than six million members. Since its launch in late July, registration has averaged more than 50,000 people per day. The company previously announced plans to establish shockwave.com as a stand-alone, independently capitalized company.

As part of the announcement, Michael Moritz, partner, Sequoia Capital will become a member of the shockwave.com board of directors.