Teen Virtual World Takes $11 Million

Teen-targeted virtual world Gaia Online has secured $11 million in new funding.

The site brings in around 5 million visitors a month, leading to its recognition as the one of the most popular virtual stops for teen net users. The new cash, coming from Institutional Venture Partners, will go toward developing additional features — such as a multiplayer online game set to launch this summer.

The idea of teen virtual worlds may be the next big boom in Web 2.0 development. Users of those types of services are expected to double over the next three years to 20 million, indicating more and more competing sites may start appearing, according to research quoted by CNET.