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Fortnite Maker Epic Games Raises $1.78B Funding for $17.3B Valuation

Epic Games, creator and writer of the massively common “Fortnite” recreation, introduced a $1.78 billion spherical of funding — which the corporate says offers it a post-money fairness valuation of $17.three billion.

The spherical consists of the beforehand introduced $250 million strategic funding from Sony Corp., underneath which Sony obtained a 1.4% stake in Epic. Following the closing of the funding spherical, Epic will stay managed by founder and CEO Tim Sweeney.

Extra buyers in Epic’s epic fundraise embrace Baillie Gifford, funds and accounts managed by BlackRock, Constancy Administration & Analysis Co., Lightspeed Enterprise Companions, Ontario Academics’ Pension Plan Board, funds and accounts suggested by T. Rowe Worth Associates, and billionaire hedge-fund supervisor David Tepper.

Present buyers KKR and Smash Ventures additionally participated within the spherical, including to their 2018 funding. Epic Games in October 2018 introduced $1.25 billion in funding from KKR, Smash Ventures, Iconiq Capital, aXiomatic, Vulcan Capital, Kleiner Perkins and Lightspeed. In 2012, Chinese language web large Tencent invested $330 million in Epic.

“Having the assist of leaders within the monetary neighborhood accelerates Epic’s efforts to construct a brand new type of digital ecosystem utilizing real-time 3D expertise, providers that join a whole bunch of thousands and thousands of individuals, and a digital storefront that provides a good enterprise mannequin. We’re delighted to have them as a part of the Epic household,” Sweeney stated in an announcement.

Credit score Suisse and the Raine Group acted as joint placement brokers to Epic, whereas legislation agency Wilson Sonsini Goodrich & Rosati offered authorized counsel to Epic.

Mega-popular battle royale title “Fortnite” has been constructing itself into extra of an leisure vacation spot with the sport’s Occasion Royale, which Epic Games calls “a brand new experimental and evolving house.” That has included screenings of three Christopher Nolan movies on June 26 underneath an settlement with Warner Bros., and “Fortnite” additionally has featured digital live shows from artists together with Travis Scott — who broke attendance information — Marshmello and Deadmau5.

This previous Might, Epic Games stated that “Fortnite,” a free-to-play recreation with in-app purchases and subscription choices, topped 350 million gamers worldwide. In 2019, “Fortnite” raked in $1.eight billion, making it the No. 1 recreation title worldwide when it comes to income, in line with analysis agency SuperData.

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