Epic Games Announces Raises $1 Billion USD in Funding Ahead of Lawsuit Against Apple
Just ahead of its lawsuit against Apple, gaming giant Epic Games has now announced the completion of a new round of funding which brought in $1 billion USD.
The new round included a $200 million USD injection from Sony, which has further increased its stake in the company following another $250 million USD investment earlier last year. Other investors include Appaloosa, Baillie Gifford, Fidelity Management & Research Company, GIC, funds from T. Rowe Price Associates, the Ontario Teachers’ Pension Plan Board, funds from BlackRock, Park West, KKR, AllianceBernstein, Alitmeter, Franklin Templeton, and Luxor Capital. With the new funds, Epic Games is now valued at $28.7 billion USD.
“We are grateful to our new and existing investors who support our vision for Epic and the Metaverse,” the gaming company’s CEO Tim Sweeney said in a press release. “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.”
The new round of funding comes amid reports that Epic Games is currently making a loss on its exclusivity deals, which were made in the hopes of fighting competitor Steam and obtaining greater market share. Despite Apple‘s revelation that Epic has lost at least $330 million USD over the past two years, Sweeney remained optimistic about his company’s outlook, maintaining that the money spent on exclusives has helped the growth of the business.
Elsewhere in the gaming industry, CD Projekt Red’s CEO says that the developer will not give up on Cyberpunk 2077.