Fortnite developers Epic Games raise $1b investment to grow Metaverse
Epic Games, the developers behind Fortnite, have raised $1 billion from Sony & major funds and achieved a valuation of $28.7 billion.
A large chunk of the $1b in funding, precisely $200m, has come from Sony Group Corporation, adding to the relationship they had built when they previously acquired a minority stake in the developers for $250m in July 2020.
As Epic continue to work towards creating a Metaverse through properties such as Fortnite, Rocket League, and Fall Guys, they need all the capital they can get to realize their ambitions.
Other investors in the $1b round include Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC. CEO Tim Sweeney remains the controlling shareholder of the company following the investment.
More precisely on the Metaverse front, Epic are looking to create a connected social platform across their game titles. They acquired Mediatonic, the developers behind 2020 hit Fall Guys, in March 2021.
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Sony evidently want in on that goal, with their CEO Kenichiro Yoshida stating that they are “excited to strengthen our collaboration to bring new entertainment experiences” in a press release.
It’s worth noting that Epic Games are still legally battling technology giants Apple following the removal of Fortnite from their app store. Apple recently claimed that the game developers lost $181m in 2019, and is projected to have lost $273m in 2020.
“We are grateful to our new and existing investors who support our vision for Epic and the Metaverse,” said Sweeney. “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.”