Sony Invests $200 Million More Into Fortnite Developer Epic To Help Create The "Metaverse"
Epic raised a total of $1 billion more from Sony and others to help create a "Metaverse."
Epic Games--the developer of Fortnite, owner of the Unreal Engine, and operator of the Epic Games Store--has announced it has raised $1 billion more in funding. This includes $200 million more from Sony Group Corporation, adding on to the $250 million it invested into the company back in 2020. This announcement came on the same day that Sony announced that one of its characters, Aloy from the Horizon series, would come to Fortnite soon.
In a statement, Epic said it's using the additional $1 billion in funding to "support future growth opportunities" and help the company create the so-called "Metaverse." With the new round of funding, Epic said its equity valuation now stands at $28.7 billion.
For Sony specifically, Epic said the new funding of $200 million "reinforces their shared mission to advance the state of the art in technology, entertainment, and socially-connected online services."
Some of the other investors in this new round of funding included a long list of venture capital and private equity firms 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.
Despite Epic's giant valuation, the company remains private and has only a single class of common stock. CEO Tim Sweeney continues to be the majority shareholder. Epic has said it hasn't ruled out going public, either.
Sweeney said in a statement that the funding will help Epic fulfill its mission to create a Metaverse.
"We are grateful to our new and existing investors who support our vision for Epic and the Metaverse," he said. "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."
Sony's CEO, Kenichiro Yoshida, said Epic is a studio that delivers "revolutionary experiences," and the PlayStation company is eager to continue its partnership with Epic.
"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," Yoshida said.
In other news, it was recently revealed that Epic is spending hundreds of millions of dollars to pursue its strategy of buying exclusive games for the Epic Games Store. Meanwhile, Aloy from Horizon will come to Fortnite beginning on April 15.