- Epic Games announced that it has raised $1.78 billion in a round of funding that consisted of primary capital and secondary purchases from employee equity holders
Epic Games announced that it has raised $1.78 billion in a round of funding that consisted of primary capital and secondary purchases from employee equity holders. Now Epic’s post-money equity valuation is $17.3 billion.
This funding round includes a previously announced $250 million strategic investment from Sony Corporation. Additional investment partners include Baillie Gifford, funds and accounts managed by BlackRock, Fidelity Management & Research Company LLC, Lightspeed Venture Partners, Ontario Teachers’ Pension Plan Board, funds and accounts advised by T. Rowe Price Associates, and David Tepper.
Existing investors KKR and Smash Ventures also added to their 2018 investment. And following the closing of the funding round, Epic will continue to have only a single class of common stock outstanding and will remain controlled by its founder and CEO Tim Sweeney.
“Having the support of leaders in the financial community accelerates Epic’s efforts to build a new kind of digital ecosystem using real-time 3D technology, services that connect hundreds of millions of people, and a digital storefront that offers a fair business model. We are delighted to have them as part of the Epic family,” said Sweeney.
Launched in 1991, Epic Games is a leading interactive entertainment company and provider of 3D engine technology. And Epic operates Fortnite — which is one of the world’s largest games with over 350 million accounts and 2.5 billion friend connections.
Epic also runs the Unreal Engine, which powers the world’s leading games and is also adopted across industries like film and television, architecture, automotive, manufacturing, and simulation. And through Unreal Engine, Epic Games Store, and Epic Online Services, Epic provides an end-to-end digital ecosystem for developers and creators to build, distribute, and operate games, and other content.
Credit Suisse and The Raine Group acted as joint placement agents to Epic. And Wilson Sonsini Goodrich & Rosati provided legal counsel to Epic.