‘Fortnite’ maker Epic Games valued at about $32 billion

Technology'Fortnite' maker Epic Games valued at about $32 billion


Epic Games said Monday it had raised $2 billion from Sony Group and the family-owned holding company behind the Lego Group, valuing the “Fortnite” creator at $31.5 billion.

Sony, an existing investor, and the Kirkbi investment company each invested $1 billion, Epic said, with the fundraising to help advance a metaverse partnership the company had entered into with the Lego Group earlier this month.

Metaverse is the latest buzzword in the technology space, and broadly refers to the idea of a shared virtual platform that people can access through different devices and where they can move through digital environments.

Deals are picking up pace in the segment as tech giants see it to be a major innovation and revenue generator.

Microsoft in January agreed to buy “Call of Duty” maker Activision Blizzard for $68.7 billion, marking the biggest acquisition in the gaming sector and boosting the industry’s bet on the metaverse.

Sony, an existing investor, and the Kirkbi investment company — the family-owned holding company behind the Lego Group — each invested $1 billion, Epic said.
SOPA Images/LightRocket via Gett

“Fortnite” is already considered to be part of the metaverse, and the investment in Epic will give Sony a chance to delve deeper and capitalize on that business.

Epic Games has largely lost a trial last year over whether Apple’s payment rules for apps were anticompetitive. That decision found Apple had suitable reasons to force some app makers such as Epic to use its payment system and take commissions of 15% to 30% on their sales.



Learn more

Latest news

Cardano Creator Claims Ethereum Would Have Been Better Off with “Snow White”

Alex Dovbnya The “Snow White” consensus solution would have allowed Ethereum to move to proof-of-stake at a much faster...

Canadian Digital Asset Brokerages Coinsquare and CoinSmart to Merge

At closing, CoinSmart is set to receive $2.2 million (CAD $3 million) in cash along with the issuance...

Shiba Inu Fashion Event Coming to Italy

Alex Dovbnya The special Shiba Inu-inspired event will be showcased in the coming days, according to John Richmond Italian...

Elon Musk opening up Starlink in Iran

SpaceX founder Elon Musk appeared to confirm Friday that he will make Starlink available in Iran. Musk replied “Activating Starlink...

Mike Novogratz Says Case for Bitcoin Is “Playing Out Every Day” As Price Plunges

Alex Dovbnya Mike Novogratz continues to see a strong bullish case for Bitcoin as many fiat currencies keep losing...

Must read

Cardano Creator Claims Ethereum Would Have Been Better Off with “Snow White”

Alex Dovbnya The “Snow White” consensus solution would have...

Canadian Digital Asset Brokerages Coinsquare and CoinSmart to Merge

At closing, CoinSmart is set to receive $2.2...

Shiba Inu Fashion Event Coming to Italy

Alex Dovbnya The special Shiba Inu-inspired event will be...

You might also likeRELATED
Recommended to you