Fortnite developer Epic Games raises $2 billion from Sony and Lego to fund metaverse plans

Epic Games, the video game publisher behind the hugely popular PC and console game Fortnite, has announced a $2 billion funding round to accelerate its development in the Metaverse. The deal, still subject to regulatory approval, would value Epic's equity at $31.5 billion.

The financing includes $1 billion each from existing investors Sony and KIRKBI, the holding company behind the Lego Group. PlayStation game console publisher Sony also invested $200 million in Epic in April 2021.

According to a statement, the three partners plan to combine expertise and technology to influence the future of entertainment and digital gaming by developing new virtual production initiatives and digital fan experiences in sports and gaming.

Announced the completion of $2 billion financing with Sony and KIRKBI to build the future of digital entertainment.

— Epic Games Newsroom (@EpicNewsroom) April 11, 2022

Epic Games CEO and founder Tim Sweeney said the investment will help create “spaces where gamers can have fun with friends, brands can build creative and immersive experiences, and creators can create communities and thrive. "

The funding comes after Epic and the Lego Group announced a partnership to make Metaverse "safe and fun for kids and families." They intend to build an active, family-friendly digital space that provides children with "the tools to become confident creators".

Epic Games also develops Unreal Engine, one of the largest platforms for creating games, rivaling the likes of Microsoft and Valve. Its latest update, Unreal Engine 5, facilitates the creation of NFT-based play-to-earn (P2E) games.

In a string of recent megadeals in the gaming industry, Sony paid $3.6 billion for video game developer Bungie, maker of the Halo and Destiny franchises. It follows Microsoft's $69 billion purchase of Activision Blizzard, the publisher of Call of Duty and Candy Crush.

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