Epic Games has received the sum of $2 billion from investors as seed funding. The essence of raising this sum is to help the gaming outfit build its own metaverse. This announcement was made via the Epic Games website.
Details of the $2 Billion Epic Games Funding
This funding round includes investors like Sony Group Corporation, KIRKBI (the investment company behind The LEGO Group). Both parties contributed $1 billion respectively. These three organizations have a common goal of exploring the connection between the physical and virtual worlds. That is why they are working towards creating a new social entertainment experience.
Speaking about the fundraising, Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation said:
“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.”
Alongside Yoshida, Søren Thorup Sørensen, the CEO of KIRKBI was positively towards the project. Here are his thoughts:
“Epic Games is known for building playful and creative experiences and empowering creators large and small. A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in. 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.”
Tim Sweeny, the CEO and Founder of Epic Games is equally looking toward this partnership and project. Here is what he had to say:
“As we reimagine the future of entertainment and play, we need partners who share our vision. We have found this in our partnership with Sony and KIRKBI. This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.”
All three companies are high-value players in the entertainment industry. As such, the expectations are very high and many are looking forward to the outcomes. This $2 billion funding exercise could see Epic Games’ post-money equity rise to $31.5 billion. On a side note, the investment is still subject to certain customary closing conditions, like regulatory approvals.