Epic Games Valued at Nearly $29B

Epic Games has completed a $1 billion funding round, giving the “Fortnite” maker a $28.7 billion valuation. The round includes a $200 million investment from Sony. Additional investors include Luxor Capital, Franklin Templeton, and Fidelity Investments Inc. 

“Their investment will help accelerate our work around building connected social experiences in ‘Fortnite,’ ‘Rocket League,’ and ‘Fall Guys’ while empowering game developers and creators with Unreal Engine, Epic Online Services, and the Epic Games Store,” said Epic founder and CEO Tim Sweeney in a statement. 

Epic previously secured $1.78 billion in funding in August, which included $250 million from Sony, amounting to a 1.4% stake in Epic. Following that round, Epic was worth $17.3 billion.

Now, Epic is poised for more growth, despite a legal battle with Apple and Google over “anticompetitive behavior.” In March, the company acquired London-based video game developer and publisher Tonic Games Group, the parent company of Mediatonic.

Mediatonic is the developer behind battle royale hit “Fall Guys,” which has eclipsed more than 11 million downloads since August on PC game distribution service Steam. 

“Epic continues to deliver revolutionary experiences through their array of cutting-edge technologies that support creators in gaming and across the digital entertainment industry,” Sony President, CEO, and Chairman Kenichiro Yoshida said.