Epic Games raises $2 billion at a $31.5 billion valuation

Fortnite maker Epic Games announced on Monday that it has raised $2 billion in funding from existing investor Sony Group Corporation as well as KIRKBI, the parent company of The Lego Group, with each party investing $1 billion respectively. 

The company’s post-money equity valuation is $31.5 billion. 

“As we reimagine the future of entertainment and play we need partners who share our vision. We have found this in our partnership with Sony and KIRKBI,” said Tim Sweeney, CEO and Founder, Epic Games. “This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.” 

The latest funding round comes a few days after Epic announced a long-term partnership with The Lego Group to build a metaverse for kids of all ages. 

“Epic Games is known for building playful and creative experiences and empowering creators large and small,” said Søren Thorup Sørensen, CEO, KIRKBI. “A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in. This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future metaverse.”

“As a creative entertainment company, we are thrilled to invest in Epic to deepen our relationship in the metaverse field, a space where creators and users share their time.” said Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation. “We are also confident that Epic’s expertise, including their powerful game engine, combined with Sony’s technologies, will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives.”

The closing of the investment is subject to customary closing conditions, including regulatory approvals.

Written by Sophie Blake

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