25 July 2008
Virtual world and online community site Gaia Online has raised $11 million in Series C funding from Institutional Venture Partners. Gaia raised $12 million in 2007 from DAG Ventures, Benchmark Capital and Redpoint Ventures and its total funding to date is now $32 million. Tellingly, none of the older investors participated in the latest round, suggesting that the San Jose, California-based company is still burning cash.