Epic Games has announced a $2 billion round of funding supported by Sony Group Corporation and The LEGO Group to advance its vision to build the metaverse and continually support its growth in the first stage.
Sony and The LEGO Group
Founded by Tim Sweeney as Potomac Computer systems in 1991, Epic Games, Inc. is an American video game and software developer and publisher based in North Carolina. The company has raised a round of funding to push its visions for the metaverse development.
The latest round involves investments from an already existing investor in Epic, Sony Group Corporation, and the family-owned holding and investment company behind The LEGO Group, KIRKBI with each party investing $1 billion respectively. The three companies highly value both creators and players and aim to create new social entertainment exploring the connection between the digital and physical worlds. Epic continues to have only a single class of common stock outstanding and remains controlled by its CEO and founder, Tim Sweeney.
“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.
The chairman also affirmed his confidence in Epic’s expertise and their powerful game engine, combined with Sony’s technologies, to accelerate their 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,” said Søren Thorup Sørensen, CEO, KIRKBI. “A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in.”
“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,” said Tim Sweeney, CEO, and Founder of Epic Games.
He affirmed that investment will accelerate the company’s work to build the metaverse and create spaces where players can interact with each other, brands can build creative and immersive experiences, and build communities without borders.
Epic Games last week unveiled the latest iteration of its Unreal Engine – a tech ‘building block’ upon which video games can be created. Epic’s post-money equity valuation is $31.5 billion.
