Cary’s Epic Games, the gaming Goliath behind global sensations like Fortnite and Rocket League, raised $2 billion in its latest round of funding, bringing the company’s total valuation to $31.5 billion, Epic announced Monday.
Sony Group Corporation and KIRBI, parent company of The LEGO Group, each contributed $1 billion. The money will help Epic advance its vision to build the metaverse, a network of digital spaces where users can interact in virtual reality.
“As we reimagine the future of entertainment and play, we need partners who share our vision,” Tim Sweeney, CEO and founder of Epic Games, said in a press release. Sweeney remains Epic’s controlling shareholder following the latest funding round.
“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,” Sweeney said.
Besides capital contributions to Epic Games, Sony and Lego have both expressed interest in sharing their respective technologies to enhance the developing metaverse. Last week, Epic and Lego announced a “long-term partnership” to produce a kid-friendly space within the larger metaverse.
Sony, which is behind the popular PlayStation gaming console, doubled down on its stake in the metaverse when it released a new virtual reality headset and VR controllers in February.
“As a creative entertainment company, we are thrilled to invest in Epic to deepen our relationship in the metaverse field, a space where creators and users share their time” Kenichiro Yoshida, chairman, president and CEO of Sony Group Corporation, said in a release. “We are also confident that Epic’s expertise, including their powerful game engine, combined with Sony’s technologies, will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives.”
The metaverse is still in its infancy, but prominent companies around the world are compiling billions of dollars for its development. In October, Facebook rebranded itself as Meta, in part to emphasize the company’s commitment to the metaverse.
Sweeney and Facebook founder Mark Zuckerberg predict the metaverse will eventually succeed the internet as the primary platform for remote interactions.
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Lars Dolder is editor of The News & Observer’s Insider, a state government news service. He oversees the product’s exclusive content and works with The N&O’s politics desk on investigative projects. He previously worked on The N&O’s business desk covering retail, technology and innovation.