Epic Games, producer of the videogame megahit “Fortnite,” on Monday announced a $2 billion investment from Sony and Kirkbi, the family-owned holding and investment company behind The Lego Group.
Epic said it plans to use the funding for expansion, including the development of projects for the metaverse. Epic will continue to have only a single class of common stock outstanding and remains controlled by its CEO and founder, Tim Sweeney.
Epic’s post-money equity valuation stands at $31.5 billion — that’s a significant jump from just last April, when the company raised $1 billion in a new funding round at a $28.7 billion valuation. The closing of the new Sony-Kirkbi investment is subject to customary closing conditions, including regulatory approvals.
“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,” Sweeney said in a statement. “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.”
Kenichiro Yoshida, chairman, president and CEO of Sony Group Corporation, said in a statement: “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.”
Søren Thorup Sørensen, CEO of Kirkbi, added: “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.”