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Epic Games, the developer of the popular video game “Fortnite,” said Tuesday that the company raised $ 1 billion in a new round of financing, raising the company’s valuation to $ 28.7 billion.
The Cary, North Carolina-based company said the newly raised $ 200 million in cash comes from Sony, which initially invested in the company last year. Other investors in the round include Appaloosa, Baillie Gifford and Fidelity. Epic’s latest market value is 66% higher than last year’s $ 1.8 billion transaction value.
“We appreciate new and existing investors who have supported our vision for Epic and Metaverse,” said Tim Sweeney, CEO and Founder of Epic Games.
“Your investment will help us accelerate our work in creating connected social experiences in Fortnite, Rocket League, and Fall Guys, while enhancing the capabilities of game developers and creators with the help of Unreal Engine, Epic Online Services, and Epic. Games Store “.
Epic said Sweeney remains the majority shareholder in the company. Epic said Credit Suisse and Bank of America Securities served as Epic’s joint placement in its latest round of funding, and Wilson Sonsini Goodrich & Rosati provided legal advice.
Epic is a major player in the video game industry. Its Battle Royale Fortnite title quickly became a hit when it launched in 2017 and has now become a cultural phenomenon, with thousands of people watching other people playing games on streaming platforms, celebrities, and influencers. Promote it online.
But Epic isn’t just famous for Fortnite. The company’s Unreal Game Engine software powers many of the best games in the world. It also played a role in the transition from the film industry to virtual production during the coronavirus pandemic.
Epic bet a lot of money on the so-called “metaverse” (participation), an informal term used to describe collaboration and immersive virtual worlds. For example, Fortnite held large-scale virtual concerts with artists like Travis Scott and Marshmello. Other companies, including Microsoft and Roblox, have also invested heavily in this trend.
Epic has expanded into other areas, including PC game releases and new content from its Epic Games Store (a competitor to Valve’s Steam). Last month, Epic announced that it had acquired Mediatonic, the British studio behind Fall Falls. When it launched last summer, the game immediately became a popular game, attracting millions of players who stayed home due to Covid restrictions.
However, in the past year, Epic has made headlines primarily due to its legal dispute with Apple over Apple’s App Store policy. Epic attempted to avoid Apple’s 30% App Store fee through a software update that actually bypassed the Cupertino, California-based company’s own payment system. Apple responded by removing Fortnite from its App Store.
Last week, the two companies listed what they believe to be key facts and important legal issues in a separate document. The case is expected to begin next month after the highly anticipated antitrust trial has begun.