Epic Games Raises $1B For Metaverse

On April 13th, Epic Games announced the company completed a $1 billion round of fundraising. This is all part of the company’s effort to build a metaverse, an interconnected universe of virtual worlds. According to Epic Games, its equity valuation is now $28.7 billion.

“We are grateful to our new and existing investors who support our vision for Epic and the Metaverse,” said Tim Sweeney, the CEO of Epic Games. “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.”

This round of funding includes an additional $200M investment from Sony. Other investment partners include Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, T. Rowe Price Associates, BlackRock, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton, and Luxor Capital.

Epic Games was founded in 1991 and is currently headquartered in North Carolina. Some of its most famous titles are Gears of War, Fortnite, and Rocket League Sideswipe.

(All information was provided by Epic Games and Venture Beat)

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