Epic Games Valued At $28.7bn After New $1bn Round Of Funding
Epic Games has announced the completion of a $1 billion (£7.2 billion) round of funding, which will see Epic’s equity valuation set at $28.7 billion (£20.8 billion).
According to Epic, the new round of funding includes an additional $200 million (£245 million) investment from Sony Group Corporation, which ‘reinforces their shared mission to advance the state of the art in technology, entertainment, and socially-connected online services’. That investment also builds on an existing relationship between the two companies.
The funding also includes investment from a host of private equity funds and partners including 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 Games, however, says it continues to have only a single class of common stock outstanding while CEO and Founder 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 Tim Sweeney, CEO and Founder, Epic Games.
Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation, added: “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.”
