EPIC RAISES $1 BILLION TO SUPPORT LONG-TERM VISION FOR METAVERSE

US-based video games publisher Epic Games has announced the closing of a $1 billion USD funding round. 

Led by Sony Group Corporation which contributed $200M, the round brings Epic’s equity valuation to a staggering $28.7B. 

The round also attracted participation from Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, funds and accounts advised by T. Rowe Price Associates, Ontario Teachers’ Pension Plan Board, funds and accounts managed by BlackRock, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton and Luxor Capital.

Tim Sweeney, CEO and Founder, Epic Games, commented: “We are grateful to our new and existing investors who support our vision for Epic and the Metaverse. 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.”

Kenichiro Yoshida, Chairman, President and CEO of Sony Group Corporation, added: “Epic continues to deliver revolutionary experiences through their array of cutting edge technologies that support creators in gaming and across the digital entertainment industry. 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.”

AYO.NEWS says:

Well, that funding round certainly lives up to the company’s name! It really goes to show just how healthy the digital entertainment industry is, especially video gaming, despite the unprecedented global crisis triggered by the COVID-19 pandemic. Staying with Epic Games, last month the company acquired Tonic Games Group, the parent company of Fall Guys developer Mediatonic Games, for an undisclosed sum.