By Reuters Staff
2 Min Read
(Reuters) - Epic Games, which is in the middle of a legal battle with Apple, said on Tuesday it had raised $1 billion in a funding round that valued the “Fortnite” maker at $28.7 billion.
FILE PHOTO: The Epic Games logo, maker of the popular video game Fortnite , is pictured on a screen in this picture illustration August 14, 2020. REUTERS/Brendan McDermid/Illustration
People staying at home during the COVID-19 pandemic have turned to games for entertainment, helping drive a 35% surge in video game spending in February to about $4.6 billion, according to research firm NPD.
Epic Games said in a statement that it had received an additional investment of $200 million from minority shareholder Sony Group Corp, while it also raised funds from investors such as Appaloosa, Baillie Gifford, and KKR & Co Inc.
To support long-term vision for the Metaverse . Updated on 13 April 2021
Fortnite maker Epic Games has scooped together $1bn in funding to help its long-term vision for the Metaverse .
A fifth of that - $200m - comes from PlayStation owner Sony, and will apparently cement its already-close relationship with Epic further.
In a press release, Epic listed more than a dozen non-gaming companies which had collectively pumped in that $1bn. Sony, which frequently gives out free Fortnite cosmetics via PlayStation Plus, got a special mention: This round includes an additional $200m strategic investment from Sony Group Corporation, Epic wrote, which builds on the already close relationship between the two companies and reinforces their shared mission to advance the state of the art in technology, entertainment, and socially-connected online services.
Updated / Tuesday, 13 Apr 2021
16:36
The latest funding comes as Epic and Apple are set to fight in court
Epic Games, which is in the middle of a legal battle with Apple, has raised $1 billion in a funding round that valued the Fortnite maker at $28.7 billion.
People staying at home during the Covid-19 pandemic have turned to games for entertainment, helping drive a 35% surge in video game spending in February to about $4.6 billion, according to research firm NPD.
Epic Games said in a statement that it had received an additional investment of $200 million from minority shareholder Sony Group Corp, while it also raised funds from investors such as Appaloosa, Baillie Gifford, and KKR & Co Inc.
By Reuters Staff
2 Min Read
(Reuters) - Epic Games, which is in the middle of a legal battle with Apple, said on Tuesday it had raised $1 billion in a funding round that valued the “Fortnite” maker at $28.7 billion.
FILE PHOTO: The Epic Games logo, maker of the popular video game Fortnite , is pictured on a screen in this picture illustration August 14, 2020. REUTERS/Brendan McDermid/Illustration
People staying at home during the COVID-19 pandemic have turned to games for entertainment, helping drive a 35% surge in video game spending in February to about $4.6 billion, according to research firm NPD.
Epic Games said in a statement that it had received an additional investment of $200 million from minority shareholder Sony Group Corp, while it also raised funds from investors such as Appaloosa, Baillie Gifford, and KKR & Co Inc.
Fortnite maker Epic Games gets $28.7-billion valuation in latest funding Reuters Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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CHRIS DELMAS/AFP/Getty Images
Epic Games, which is in the middle of a legal battle with Apple, said on Tuesday it had raised $1-billion in a funding round that valued the Fortnite maker at $28.7 billion.
People staying at home during the COVID-19 pandemic have turned to games for entertainment, helping drive a 35% surge in video game spending in February to about $4.6-billion, according to research firm NPD.