Epic Games reaches $28.7 bn valuation after the latest funding round
By MYBRANDBOOK
Epic Games has announced that it has raised $1 billion in a new funding round that valued the company at $28.7 billion.
The company has also said that apart from $1 billion it had received $200 million more from minority shareholder Sony Group Corp, while it also raised funds from investors such as Appaloosa, Baillie Gifford, and KKR & Co Inc.
Epic Chief Executive Officer Tim Sweeney will remain the controlling shareholder of the company after the latest investments.
"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," Sweeney said.
In 2017, Epic launched free-to-play battle-royal videogame "Fortnite" and since then gathered considerable following among young gamers. The company has more than 160 million users on its PC store, according to its website.
Epic last year received a $250 million investment from Sony, and it raised $1.25 billion in funding in 2018 from investors including KKR.
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