But before those investors could examine the most current Epic finances, Epic shut down the tender process, sources said. Rowe Price, hedge fund Appaloosa and private equity giant KKR. No firm price was set at the time, as Epic was gauging interest from existing investors including BlackRock, Fidelity Management, T. What Epic failed to mention, however, is that a few weeks earlier it had been in the early stages of launching a tender offer through the Nasdaq private exchange in which the informal price expectation from Epic employees who were selling their shares was for a $42 billion valuation, a source with direct knowledge of the situation said. That was slightly higher than the $28.7 billion the company was valued at in its previous funding round in April 2021. Wall Street may finally be getting over its “Fortnite” addiction.Įpic Games, the maker of the wildly popular, shoot-em-up video game, launched a flopped attempt to raise cash last month in a deal that would have valued the company nearly 40% higher than what it settled for a few weeks later, The Post has learned.Įarlier this month, Epic announced it raised $2 billion from Sony Group and Kirkbi, the Danish-based holding company for the Lego toy empire, in a deal that valued the company at $31.5 billion. Justice Dept., 34 states and Microsoft accuse Apple of stifling competition ‘Fortnite’ maker Epic Games valued at nearly $32B after big investmentĮpic Games to donate Fortnite proceeds to Ukraine relief There’s no word on what exactly the virtual world would look like or when the two companies plan to launch it.War games: Ex-soldier earned $700K coaching clients in ‘League of Legends’ The two will work together to make children’s safety and well-being a priority, to safeguard children’s privacy and to equip children and adults with tools that give them control over their digital experience.Įpic said the digital experience will be family-friendly and empower children to become “confident creators.” The companies plan to combine their experience to ensure that this next iteration of the internet is designed with the well-being of kids in mind. While Epic and Lego haven’t gone into detail about their plans for their proposed metaverse, they outlined three principles that they say will ensure the digital spaces they develop are safe. Rowe Price Associates-managed accounts, Ontario Teachers’ Pension Plan Board, BlackRock managed accounts, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton and Luxor Capital. Other investors included Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, T.
Prior to this funding round, Epic raised $1 billion in April 2021, featuring a $200 million Sony Group Corporation investment. “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.” We have found this in our partnership with Sony and Kirkbi,” said Tim Sweeney, the CEO and founder Epic Games, in a statement. “As we reimagine the future of entertainment and play we need partners who share our vision. With this new funding, Epic says all three companies aim to create new social entertainment that explores the connection between digital and physical worlds. The companies say they are going to shape the future of the metaverse to make it safe and fun for children while building an immersive digital experience for kids to play in. Today’s announcement comes a few days after Epic revealed that it’s partnering with Lego to build a metaverse aimed at kids. Epic says the new funding will go toward its efforts to build its kid-friendly metaverse and will also support its continued growth.
This latest funding round gives Epic a money equity valuation of $31.5 billion. Fortnite-maker Epic Games announced today that it has raised $2 billion in funding from Sony and Kirkbi, the parent company of the Lego Group, with both companies investing $1 billion each.