Epic Games secures $1B in a new funding round for building Metaverse

Epic Games secures $1B in a new funding round for building Metaverse

Epic Games has reportedly raised a sum of $1 billion in a new funding round in a bid to build the ‘Metaverse’. Metaverse comprises the universe of interconnected virtual worlds, as mentioned in novels like Ready Player One and Snow Crash.

The funding places Epic’s equity value at $28.7 billion and will reportedly allow the company to support future opportunities of growth.

As per reports, the round saw an additional strategic investment of $200 million from Sony. Other investment partners comprise Baillie Gifford, Appaloosa, GIC, Luxor Capital, Ontario Teachers’ Pension Plan Board, funds and accounts managed by BlackRock, Altimeter, Park West, funds and accounts advised by T. Rowe Price Associates, Franklin Templeton, Fidelity Management & Research Company LLC, KKR, and AllianceBernstein.

According to Kenichiro Yoshida, the CEO of Sony, Epic continues to provide revolutionary experiences via their range of cutting edge technologies that support creators across the digital entertainment industry and in gaming. Yoshida added that Sony is thrilled to partner and bring new entertainment experiences to the world.

For the record, the financing builds on the already close relationship between Sony and Epic Games. The deal strengthens the companies’ objectives for advancing the state of the art in the areas of entertainment, technology, and socially-connected online services.

One of the keys to the Metaverse will be the development of realistic animated digital humans. Two of Epic’s leaders, Vladimir Mastilovic and Paul Doyle, will be speaking on that topic at the upcoming GamesBeat Summit 2021 conference, which will be held on 28th April and 29th April.

As per Tim Sweeney, the CEO of Epic Games, the company is grateful to its existing and new investors who support its vision for the Metaverse and Epic. Sweeney added that their investment will help in accelerating the company’s work around developing connected social experiences in Fall Guys, Rocket League, and Fortnite. The funding will also empower game creators and developers with Epic Online Services, Unreal Engine, and the Epic Games Store, added Sweeney.

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Nandita Bhardwaj

Nandita holds a management degree with specialization in marketing, and boasts of a short-term experience in the field of recruitment. Following her passion for writing however, she decided to pursue a career in the field of content development. Presently, Nandita pens down news pieces for, spanning the verticals of business, finance, and technology.