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 Shockwave.com's board of directors.
Macromedia had previously announced that Shockwave.com would be a separate entity, with funding independent of the parent company.
Shockwave.com 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.