EPIC GAMES RAISES $1B
Epic Games has raised $1 billion, completing its most recent round of funding and bringing its equity valuation to $28.7 billion.
The raise includes a $200 million investment from Sony Group Corporation, reinforcing the two companies’ preexisting relationship and building on their shared mission to advance state of the art technology, entertainment and socially connected online services. Other investment partners include Appaloosa, Fidelity Management & Research Company LLC, Baillie Gifford and GIC, among others.
“Epic continues to deliver revolutionary experiences through their array of cutting edge technologies that support creators in gaming and across the digital entertainment industry,” said Kenichiro Yoshida, Sony Group Corporation chairman, president and CEO. “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.
Epic continues to have only a single class of common stock outstanding, and 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,” said Tim Sweeney, Epic Games founder and CEO. “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.”
Credit Suisse and BoFA Securities served as joint placement agents for Epic in the investment round, while Wilson Sonsini Goodrich & Rosati provided legal counsel.
Photo courtesy of Epic Games