April 11, 2022 – Epic Games has today announced a USD $2 billion round of funding to advance the company’s vision to build the metaverse and support its continued growth.
This round includes investments from existing investor Sony Group Corporation as well as KIRKBI, the family-owned holding and investment company behind The LEGO Group, with each party investing USD $1 billion respectively. Epic continues to have only a single class of common stock outstanding and remains controlled by its CEO and founder, Tim Sweeney.
Epic stated that all three companies highly value both creators and players, and aim to create new social entertainment that explores the connection between the digital and physical worlds.
Commenting on the investment announcement, Tim Sweeney, CEO and Founder, Epic Games, said: “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.” He added, “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.”
Sony added in its own announcement on the investment that it aims to further expand and deepen areas of collaboration between the two companies, promoting further exploration of opportunities that will lead to new value creation, primarily in the area of entertainment.
“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,” said Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation. “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.”
Finally, Søren Thorup Sørensen, CEO, KIRKBI, stated: “Epic Games is known for building playful and creative experiences and empowering creators large and small.” He added, “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.”
Epic’s post-money equity valuation now stands at USD $31.5 billion. The closing of the investment is subject to customary closing conditions, including regulatory approvals.
For more information on Epic Games and its software solutions for the metaverse, as well as its Unreal games engine and video game development solutions, please visit the company’s website.
Image credit: Epic Games / Sony / KIRKBI
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.