Multiverse, a Mountain View company that builds virtual worlds for companies and individuals, said it has raised $850,000 in convertible debt from unnamed angel investors as it searches to raise a first round of capital, according to VentureWire (sub required).

There’s an overview article mentioning Multiverse and other virtual world companies in BusinessWeek.

From VentureWire:

Multiverse co-founder and Chief Executive Bill Turpin said the company has raised $2 million in convertible debt to date from 10 angel investors, which he declined to name…. Multiverse, founded in July 2004 and based in Mountain View, Calif., is creating a “virtual world browser,” a technology platform that allows businesses and independent game developers to create virtual worlds. Developers can then either connect their games and worlds via the platform or allow the content to stand alone.