Epic Games Inc has raised $2 billion from its investors including Sony Group Corp. With this funding, the company is now valued at $31.5 billion. As of April 2021, the company was valued at $28.7 billion. The company is planning to use the raised funds to create a metaverse.
According to research firm PitchBook Data Inc, the $2 billion investment in Epic Games is the largest in the gaming space dating back to 2002. Other than this, the three previous largest investments were also in Epic Games. The funding round comes days after Epic and Lego Group announced a partnership to build a child and family-friendly metaverse.
The videogame marketplace has reached new heights after more people turned towards gaming during the pandemic, resulting in companies capitalising on the recent momentum.
Epic Games was founded in 1991 and has made popular games like Fortnite and Unreal Engine. It also owns studios behind games like Rocket League and Fall Guys: Ultimate Knockout.