Fortnite-maker Epic completes $1B funding round
How much is Epic Games worth? Well, we've long ago surpasses the realm of dollar figures regular humans can contextualize. With its latest round, the gamer hits an equity valuation of $28.7 billion. Yes, b" for billion." That's a lot of micro-transactions.
Time to start talking metaverse!
Best known for the wildly successful battle royale title, Fortnite, Epic just announced another $1 billion funding round, featuring a $200 million Sony Group Corporation investment. The rest of the list is, predictably, a long one, including [deep breath], Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, T. Rowe Price Associates-managed accounts, Ontario Teachers' Pension Plan Board, BlackRock managed accounts, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton and Luxor Capital.
We are grateful to our new and existing investors who support our vision for Epic and the Metaverse," CEO and founder Tim Sweeney said in a statement tied to the news. 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."
Sweeney has plenty of reason to be grateful, as the controlling shareholder.
It's been a busy several months for the game-maker. The company has been waging an on-going war with the both Apple and Google over in-game payment revenues. A trial expected to feature some of the biggest names in tech is expected to kick off early next month.
Epic has also been using its already extremely deep coffers to purchase game developers and publishing studios, including its March acquisition of Fall Guys-maker Mediatonic. It's clear the company is amassing a large portfolio of titles through acquisitions, a trend that is almost certain to continue with this latest massive round.
The funding also looks likely to strengthen the company's ties to Sony, as well. Here's Sony Group Corporation CEO, Kenichiro Yoshida, also quoted in the press release,
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.
Prior to this round, the company had raised $3.4 billion, including a a $1.78 billion round last August.
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