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• Sony and Lego-owner invested $1 billion each into Epic Games
• Epic’s post-money valuation hit $31.5 billion
Epic Games Inc, the maker of the video game Fortnite, on Monday said Sony Group Corp (NYSE: SONY) and the owner of the Lego Group invested $2 billion in the company to boost its metaverse vision.
The video game maker’s valuation surged to $31.5 billion after the investment, which was recorded at $28.7 billion about a year ago.
The latest funding round from Sony, which already owned a stake in the company, and KIRKBI, the family-owned holding and investment company behind The LEGO Group have invested $1 billion each, respectively, the North Carolina-based company said in a statement.
Epic, along with Sony and Lego, are aiming to create new social entertainment exploring the connection between digital and physical worlds.
“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,” said Tim Sweeney, CEO and Founder of Epic Games.
The video game maker is among the top five most valuable startups in the US and is currently fighting a costly legal battle with Apple Inc (NASDAQ: AAPL) and Alphabet Inc (NASDAQ: GOOGL) over fees charged by app stores.
Last Thursday, Epic said it partnered with Lego to create a “digital experience for kids of all ages.”
While the details on the virtual experience remain sparse, the two companies said it would be a “safe and positive space” for kids to play online.
Picture Credit: BBC
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