Info-tech

Fortnite maker Epic Games raises $1 billion, including $200 million from Sony

Hemani Sheth Mumbai | Updated on April 14, 2021

New funding round takes company’s equity valuation to 28.7 billion

Fortnite maker Epic Games has completed a $1-billion round of funding bringing the company’s equity valuation to $28.7 billion, the company has announced.

This round includes an additional $200 million in strategic investment from Sony Group Corporation. Sony had previously invested $250 million in Epic, the Verge reported.

Other investment partners include 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, Alliance Bernstein, Altimeter, Franklin Templeton and Luxor Capital, Epic said in an official release.

The company will continue to have a single class of common stock outstanding and CEO Tim Sweeney remains the controlling shareholder of the company.

“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,” said Sweeney, CEO and Founder, Epic Games.

“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,” said Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation.

Published on April 14, 2021

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