Epic Games has secured a $2 billion round of funding from Sony Inc. and Kirkbi, the major investment company behind The Lego Group. The funding puts the post-money equity valuation of the company at $31.5 billion, while founder and CEO Tim Sweeney will remain in charge.
Epic claims that the funding will be used “to advance the company’s vision to build the metaverse and support its continued growth.”
Chairman, President, and CEO of Sony Group Corporation, Kenichiro Yoshida commented:
As a creative entertainment company, we are thrilled to invest in Epic to deepen our relationship in the metaverse field, a space where creators and users share their time. We are also confident that Epic’s expertise, including their powerful game engine, combined with Sony’s technologies, will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives.
This is not the first time these companies have partnered with Epic. Back in 2020, Sony invested $250 million in exchange for a minority stake. While The Lego Group and Epic are planning on building a children-friendly metaverse.
CEO Kirkbi, Søren Thorup Sørensen said:
Epic Games is known for building playful and creative experiences and empowering creators large and small. A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in. This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future metaverse.
Over the past few years, Epic has been working on putting together a metaverse in Fortnite by building on the classic battle royale mode. The game has since then featured a number of crossover skins, virtual items, dance moves, and much more.
Tim Sweeney, CEO, and Founder of Epic Games expressed:
As we reimagine the future of entertainment and play we need partners who share our vision. We have found this in our partnership with Sony and KIRKBI. This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.
The closing of the deal is still subject to customary closing conditions and regulatory approvals.
