Epic Games Raises $1B to Build Metaverse

The round includes a $200 million strategic investment from Sony.

Epic Games announced they raised $1 billion in a new round of funding to create the metaverse, the universe of virtual worlds that are interconnected. The company will use the money to support future growth opportunities. Epic’s equity valuation is now set at $28.7 billion.

The round also includes an additional $200 million strategic investment from Sony. The two companies will continue to work on the state of the art in technology, entertainment, and connected online services.

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 have also joined the latest round.

"We are grateful to our new and existing investors who support our vision for Epic and the Metaverse," said Tim Sweeney. "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 CEO Kenichiro Yoshida noted that Epic continues to develop revolutionary experiences using cutting-edge technologies that support creators in gaming and across the digital entertainment industry. 

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