Epic completes $1 billion funding round, equity valuation jumps to $28.7 billion

A $200 million investment also came from Sony.

Screengrab via Epic Games

Epic Games has completed another round of funding that equals out to $1 billion, the company announced today. Its equity evaluation now sits at a whopping $28.7 billion.

This includes $200 million from the Sony Group Corporation, an investment meant to build upon “the already close relationship between the two companies.” Last year, Sony invested $250 million into the company, bring multiple new opportunities for collaboration and innovation.

“Epic continues to deliver revolutionary experiences through their array of cutting edge technologies that support creators in gaming and across the digital entertainment industry,” Sony chairman Kenichiro Yoshida said. “We are excited to strengthen our collaboration to bring new entertainment experiences to people around the world.”

Other investment partners include Appaloosa, Baillie Gifford, Fidelity Management & Research Company, GIC, funds and accounts advised by T. Rowe Price Associates, the Ontario Teachers’ Pension Plan Board, funds and accounts managed by BlackRock, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton and Luxor Capital.

“We are grateful to our new and existing investors who support our vision for Epic and the Metaverse,” Epic Games CEO Tim Sweeney said in a statement. “Their investment will help accelerate our work around building connected social experiences in Fortnite, Rocket League, and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store.”

Ultimately, Epic will continue to have only a single class of common stock outstanding. Sweeney will remain the controlling shareholder of the company.