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Sony and Lego invest $1 billion each in Epic Games’ metaverse development

Fortnite creator valued at $31.5 billion

Date Type Companies involved Size
April 11th, 2022 investment Epic Games
Lego Ventures
Sony
$2,000m
Sony and Lego invest $1 billion each in Epic Games’ metaverse development

Epic Games has revaled that it has recieved funding totalling $2 billion to assist in its development of its metaverse, placing the company at a valuation of approximately $31.5 billion.

Existing investor Sony Group Corporation was involved in the round, as was Kirkbi, the family-owned company behind The Lego Group.

These two companies are each investing $1 billion in Epic Games, meanwhile Epic remains under the control of CEO and founder Tim Sweeney. It also continues to have only one single class of common stock outstanding.

Creating experiences

"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," said Sweeney.

"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."

Kirkbi CEO Søren Thorup Sørensen added: "A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in. This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future metaverse."

Epic has stayed at the forefront of conversation over the last couple of years due to its ongoing legal dispute with Apple, as well as the huge popularity of its battle royale, Fortnite, which has seen the firm become a household name.

Despite being no longer able to operate Fortnite on the App Store or Google Play, Epic Games still maintains a strong presence on both platforms with its other titles, such as Rocket League Sideswipe, which surpassed 20 million downloads within 40 days.

The firm's expansion into the metaverse can already be seen through the likes of Fortnite, which integrates IP from across the media industry, from Ariana Grande and Travis Scott to Thanos and Batman.

Sony Group Corporation CEO, chairman and president Kenichiro Yoshida commented: "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."

Cocos Technology has recently revealed the raising of $50 million from the completion of its Series B funding round, intending to make improvements to its open-source engine’s core technology.


Staff Writer

Aaron is the Staff Writer at PG.biz and has long enjoyed a good turn-based strategy game. He has spent many more hours playing Fire Emblem Heroes than he cares to admit.

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