Fortnite Developer Epic Games announced today that it has secured $ 1.25 billion in funding from a number of venture…
Fortnite Developer Epic Games announced today that it has secured $ 1.25 billion in funding from a number of venture capital companies. Not only that, but with the new funding round, WSJ reports that Epic Games, based in Cary, North Carolina, is now valued at a massive $ 15 billion.
Epic’s new funding round came from seven different companies: KKR, ICONIQ Capital, Smash Ventures, AXiomatic, Vulcan Capital, Kleiner Perkins and Lightspeed Venture Partners.
According to Epic, “This investment creates powerful partnerships with many strategic investment firms and individuals in front of technology, entertainment, professional sports, esports and live events.”
The seven new companies join Tencent, Disney and Endeavor, all of whom previously invested in epic games at different levels of funding. Tencent paid a reported $ 330 million for a 48% controlled interest in Epic Games back in 201
3. Even with all the new investment, Epic has retained ownership of itself and continues to be governed by founder and CEO Tim Sweeney.
“We are excited to cooperate with the finest senses in the finance, sports and entertainment communities. It reinforces Epic’s leadership in real-time 3D technology and accelerates our ability to improve how people play, work and interact with the world,” Sa Sweeney said in a statement.
It is not immediately clear where $ 1.25 billion in new funding will go to Epic, but sources told WSJ “not all money goes directly to the company. Some of that amount represents shares sold by existing stakeholders who pay out a part of their investments. “
Epic has always been a big name in the video game industry. It created the Gears of War franchise and worked on every major mail until Epic sold the series to Microsoft after Gears of War 3. Epic’s profile has been dramatically increased after the giant and continuous success of Fortnite. The second major part of Epic’s business is Unreal Engine, the all-around gaming engine it licenses to developers around the world.