Looks like its latest raise brings Epic Games' valuation to $31.5 billion.
Epic Games, the video game publisher behind the popular PC and console game Fortnite, announced
a $2 billion funding round with plans to accelerate the company’s
vision to make its mark in the Metaverse. The deal, which is still
subject to customary regulatory approvals, would bring Epic's equity
valuation to $31.5 billion.
This round includes a respective $1
billion investment from existing investor Sony Group Corporation and
from KIRKBI, the holding company behind the LEGO Group. Sony, the
company behind PlayStation consoles, also invested $200 million into Epic in April 2021.
According
to a statement, the three partners plan to combine expertise and
technologies to influence the future of entertainment and digital play
by developing new virtual production initiatives and digital fan
experiences in sports and gaming.
Tim Sweeney, chief executive officer and founder of Epic Games, stated
that this investment will serve to "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 capital raise follows
an announcement by Epic and the LEGO Group to partner to make the
Metaverse "safe and fun for children and families." They intend to build
provide kids with access to "tools that will empower them to become
confident creators" in a positive and family-friendly digital space.
Epic
Games also developed Unreal Engine, one of the biggest platforms used
to create games, rivaling the likes of Microsoft and Valve. Its latest
update, Unreal Engine 5, facilitates the creation of NFT-based play-to-earn, or P2E, games.
Related: Is Illuvium the first fun crypto RPG video game?
In a string of recent large deals within the gaming industry, Sony acquired video game maker Bungie, the studio behind the Halo and Destiny franchises, for $3.6 billion. This move followed Microsoft's purchase of Activision Blizzard, home to Call of Duty and Candy Crush, for the massive sum of $69 billion.
source link : https://cointelegraph.com/news/fortnite-creators-epic-games-raise-2b-from-sony-and-lego-to-fund-metaverse-plans
