Epic Games, the creators of Fortnite and the widely-used Unreal Engine, announced today that it had raised $2 billion in funding to “build the metaverse.”
Sony contributed $1 billion to the investment round, while KIRKBI, the company behind The LEGO Group, contributed $1 billion at a post-money valuation of $31.5 billion. Epic Games’ founder and CEO, Tim Sweeney, remains in command of the private company.
Epic Games raised a $2 billion in funding in order to forward the company’s aim of creating an impact in the Metaverse
Epic Games, the developer of the popular PC and console game Fortnite, has announced a $2 billion funding round in order to forward the company’s aim of creating an impact in the Metaverse. After the transaction, Epic’s stock value would grow to $31.5 billion, subject to regular regulatory clearances.
Announcing a $2 billion funding round with Sony and KIRKBI to build the future of digital entertainment. https://t.co/V0bcFftNkg
— Epic Games Newsroom (@EpicNewsroom) April 11, 2022
The LEGO Group’s holding company, KIRKBI, and existing investor Sony Group Corporation each contributed $1 billion to this round. Sony, the maker of PlayStation systems, also invested $200 million in Epic in April 2021.
The three companies intend to utilize their combined abilities and technology to create a virtual production project and a digital fan experience for sports by using their combined skills and technology.
Founder and CEO Tim Sweeney believes that this investment will “create venues where players can have fun with friends, companies can build innovative experiences, and creators can build communities and thrive.”
Epic and the LEGO Group have announced a collaboration to make the Metaverse “safe and exciting for children and families.” They want to create a good and family-friendly digital arena where kids can use “tools that will empower them to become confident creators.”
Epic Games also developed Unreal Engine, one of the most popular game development platforms, competing with Microsoft and Valve. Play-to-earn games can be created more easily with Unreal Engine 5, the most recent version.
In the latest in a string of massive gaming mergers, Sony paid $3.6 billion for Bungie, the studio behind the Halo and Destiny franchises. This decision was taken following Microsoft’s $69 billion purchase of Activision Blizzard, the maker of Call of Duty and Candy Crush.
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