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Apr 12, 2022
by Jafrin Ahmed
Epic Games Raises $2B to ‘Build the Metaverse’
Epic Games, the gaming company behind the hit game Fortnite, announced its biggest-ever round of funding on Monday with a $2 billion infusion from existing investor Sony and The Lego Group parent company Kirkbi. With the new funding, Epic now has a valuation of $31.5 billion.
SONY and KIRKBI Bets Big on the Metaverse
In a Monday blog post, Epic Games announced that it had raised $2 billion in its recent funding round “to advance the company’s vision to build the Metaverse and support its continued growth.”
The funding round was split evenly between previous investor Sony and newcomer KIRKBI, the company behind The LEGO Group, with each firm investing $1 billion at a post-money valuation of $31.5 billion.
The latest funding round follows an announcement from The LEGO Group's partnership with Epic Games last week to build out a kid-friendly, LEGO-themed metaverse world. Details on the upcoming metaverse remain sparse, but the firms emphasized that it would be a “safe and positive space” for kids to play online.
“As we reimagine the future of entertainment and play we need partners who share our vision. We have found this in our partnership with Sony and KIRKBI. 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,” Epic CEO Tim Sweeney said in a statement.
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Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.