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Epic Games valued at US$28.7bn following US$1bn round of funding

Epic Games, a video game manufacturer that has produced a number of games for the esports industry, has announced it has completed a US$1 billion round of funding, which sees Epic's equity valuation set at US$28.7 billion.

Epic Games valued at US$28.7bn following US$1bn round of funding

The new round of funding includes an additional US$200 million investment from the Sony Group Corporation, which has reinforced the 'shared mission to advance the state of the art in technology, entertainment, and socially-connected online services’, according to Epic Games.

The funding also includes investments from private equity funds and partners, such as Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, funds and accounts advised by T. Rowe Price Associates, Ontario Teachers’ Pension Plan Board, funds and accounts managed by BlackRock, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton and Luxor Capital.

Epic Games have stated that they only have a single class of common stock outstanding, with CEO and Founder Tim Sweeney remaining as the controlling shareholder of the company.

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

Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation, added: “Epic continues to deliver revolutionary experiences through their array of cutting edge technologies that support creators in gaming and across the digital entertainment industry. 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.”

Author: Jake Wilkin