Epic Games Raises $2 Billion to Fund Metaverse Plans
Updated · Apr 12, 2022
The Fortnite creator now has a $31.5 billion valuation.
Building the Metaverse
Sony and KIRKBI have invested $2 billion in Epic Games, the video game developer announced. Both put in $1 billion each to help fund Epic Games’ metaverse.
It is widely touted as the next iteration of the internet. It is a network of 3D virtual environments powered by technologies such as:
Sony, already an Epic Games investor, saw the metaverse opportunity as one too good to pass up on.
Kenichiro Yoshida, Sony’s Chairman, President, and CEO said in a statement:
“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.”
“We are also confident that Epic’s expertise, including their powerful game engine, combined with Sony’s technologies, will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives.”
Søren Thorup Sørensen, KIRKBI’s CEO, emphasized his company’s drive to invest in future technologies.
“A proportion of our investments is focused on trends we believe will impact the future world that we, and our children, will live in,” he said. “This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future metaverse.”
Epic CEO Tim Sweeney is confident that the funding will be instrumental in helping the company accelerate its metaverse-building work. Fortnite, its wildly popular game, is already considered by many as a glimpse into what the metaverse will look like.
Following the round of funding, the company’s valuation is now $31.5 billion.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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