Epic Games raises $2bn to grow metaverse efforts

Game developer and publisher Epic Games has announced a $2bn (~£1.5bn) round of financing involving Sony Group Corporation and KIRKBI.

Epic Games said the financial injection will be used to support the company’s growth, and help advance its vision to build the metaverse.

Epic Games logo

Epic Games announces $2bn in funding from Sony and KIRKBI. Image credit: Epic GamesRELATED: MAD Lions enter the metaverse with Zilliqa partnership

The investment round included funding from technology conglomorate and previous Epic Games investor Sony Group Corporation, and KIRKBI, the investment company behind the LEGO Group. Sony and KIRKBNI both invested $1bn (~£0.75bn) each.

Epic Games has stated that the company will remain controlled by its CEO and Founder, Tim Sweeney.

Kenichiro Yoshida, Chairman, President, and CEO, Sony Group Corporation: “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.”

Epic Games is the latest in a line of gaming and esports companies that are turning towards the metaverse. Metaverse, Web3, and NFTs are getting more and more traction in the world of esports.

A large number of gaming and esports companies have explored the intersection between the metaverse and esports, including Yesports, BAYZ, and EVOS Esports. European esports organisation MAD Lions also recently announced a partnership focused on ‘entering the metaverse’.

RELATED: Blockchaining esports

Epic Games did not share any information about whether any of the $2bn will be used on its esports titles, nor did it reveal its plans for the metaverse. However, Yoshida mentoined the two entities will accelerate efforts to develop ‘new digital fan experiences in sports’, which may well affect its esports properties.

Epic Games is best known as the developer and publisher of esports title Fortnite, owner of Rocket League develop Psyonix, and the creator of video game engine Unreal Engine. Epic Games recently partnered with BLAST to produce the Fortnite Championship Series.

Epic’s post-money equity valuation stands at $31.5 billion after the investments, though the investment is still subject to regulatory approval.

Esports Insider says: Epic Games has secured a major round of investment, this time focusing on the metaverse. The company did not share any details about how this will affect esports, but two of Epics’ most important games Fortnite and Rocket League — are esports titles. It will be interesting to see how the company’s metaverse plans affect its esports properties in the future.

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