Fortnite-maker Epic raises $1 billion at $28.7 billion valuation

U.S. based video game developer Epic Games has completed a $1 billion funding round valuing the company at $28.7 billion. The company said that it plans to use it to support future growth opportunities.

We are grateful to our new and existing investors who support our vision for Epic and the Metaverse.’’ said Epic CEO and Founder Tim Sweeney. ‘’Their investment will help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store.

The Fortnite-maker said the funding round includes an additional $200 million by Sony which made another $250 million strategic investment in Epic last year. 

’Epic continues to deliver revolutionary experiences through their array of cutting edge technologies that support creators in gaming and across the digital entertainment industry.’’ said Kenichiro Yoshida, Chairman, President and CEO of Sony Group Corporation. ‘’We are excited to strengthen our collaboration to bring new entertainment experiences to people around the world. I strongly believe that this aligns with our purpose to fill the world with emotion, through the power of creativity and technology.” 

Epic’s other investment partners that took place in the round are Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, KKR, funds and accounts advised by T. Rowe Price Associates, Ontario Teachers’ Pension Plan Board, funds and accounts managed by BlackRock, Park West and Luxor Capital.

Earlier this month, the company announced the acquisition of Fall Guys maker Tonic Games Group and photogrammetry software Capturing Reality. 

Written by Sophie Blake

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