Fortnite developer Epic raises $2 billion to build for metaverse

Epic, the developer of popular game Fortnite, has announced a $2 billion round of funding from Sony and KIRKBI, the family-owned investment company which founded the Lego Group.

The funds will be used to boost Epic's dream to build the metaverse. Sony and KIRKBI invested $1 billion, respectively, in Epic.

"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," said Tim Sweeney, CEO and Founder, Epic Games.

Epic's post-money equity valuation is now $31.5 billion.

Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation, said 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."

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," said Soren Thorup Sorensen, CEO, KIRKBI.

The closing of the investment is subject to customary closing conditions, including regulatory approvals, said the company.

Sony recently made a huge push into the metaverse when it acquired Destiny developer Bungie this year.

--IANS

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