Epic Games announced a $1 Billion Funding Round to Support Epic’s Long-Term Vision for the Metaverse
On April 13th, Epic Games, creator of Fortnite, announced that it completed a $1 billion round of funding, which will allow the company to support future growth opportunities. Epic’s equity valuation is now $28.7 billion.
This round includes an additional $200M strategic investment from Sony Group Corporation, which builds on the already close relationship between the two companies and reinforces their shared mission to advance the state of the art in technology, entertainment, and socially-connected online services. 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, AllianceBernstein, Altimeter, Franklin Templeton and Luxor Capital. Epic continues to have only a single class of common stock outstanding and CEO Tim Sweeney remains the controlling shareholder of the company.
Epic Games comments
“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 Tim Sweeney, CEO, and Founder, Epic Games.
“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,” said Kenichiro Yoshida, Chairman, President, and CEO, Sony Group Corporation.
Credit Suisse and BoFA Securities acted as joint placement agents to Epic, and Wilson Sonsini Goodrich & Rosati provided legal counsel to Epic.