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Macromedia gets $44 million infusion

Macromedia announces it has secured $44 million in venture capital for its entertainment portal.

    Macromedia today announced it has secured $44 million in funding for

    Venture capital firm Sequoia Capital and Jim Clark, co-founder of SGI and Netscape, are among those funding the entertainment portal. As part of the agreement, Sequoia Capital partner Michael Moritz will become a member of's board of directors.

    Macromedia had previously announced that would be a separate entity, with funding independent of the parent company. plans to use the funding to add services and features to the site. The entertainment portal says it has 6 million members and averages about 50,000 users a day.

    Macromedia spawned the site from its Shockwave Player, which is popular among Web designers for adding animation to Web sites.