Epic Games Raises $2B To Build The Metaverse

Words by Retail Bum

Epic Games Raises $2B To Build The Metaverse
Epic Games Raises $2B To Build The Metaverse
Fortnite developer Epic Games has raised a stunning $2 billion from Sony Group and Kirkbi, the investment firm behind The Lego Group, to fund its efforts to build new experiences in the metaverse.

The three companies will work together to create new social entertainment avenues that will explore the connection between digital and physical worlds.

“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,” said Kenichiro Yoshida, Chairman, President and CEO of 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.”

The announcement comes just days after Epic Games and The Lego Group disclosed their plans to develop a Metaverse environment for children of all ages. The platform will enable Lego to tap into new opportunities in the metaverse without relying on existing platforms like Roblox and Decentraland that cater to an adult audience.

The investment round brings Epic Games’ post-money equity valuation to $31.5 billion. The funding is still subject to regulatory approvals and closing conditions.

MUST READS
Online Black Friday Sales Reach a Record $9.8B

Online Black Friday Sales Reach a Record $9.8B

U.S. consumers spent a record $9.8 billion online on Black Friday, up 7.5% from a year ago, with more price-conscious consumers shopping online for price comparison and to score the best deals, Adobe Analytics’ latest data shows. This year’s Black Friday shopping craze reflects consumers’

Footlocker Raises Forecast, Shares Jump 16 Percent

Footlocker Raises Forecast, Shares Jump 16 Percent

Foot Locker has raised its annual forecast on the heels of strong Thanksgiving week sales and continued progress on its growth plan. The company saw strong online and in-store sales and an increase in the total amount shoppers spent and the number of products they

Shein Files for US IPO With Plans To Go Public in 2024

Shein Files for US IPO With Plans To Go Public in 2024

Fast fashion giant Shein has confidentially filed for an initial public offering (IPO) in the U.S., the latest sign of its ambitions to expand its global reach. The company’s effort to go public comes at a time when the U.S. stock market has seen a

No more posts to show, explore other topics: