Epic Games , the company behind Fortnite , said it has raised $1 billion in new funding and has reached a valuation of $28.7 billion. The fundraising round includes another $200 million strategic investment from Sony Group Corp., as the Japanese conglomerate renamed itself recently. Sony last summer had put $250 million into the privately held gaming concern. Other investors include Appaloosa, T. Rowe Price, KKR, AllianceBernstein, Altimeter, Luxor Capital, and funds and accounts managed by Fidelity and BlackRock. Epic has a single class of common stock, and founder and CEO Tim Sweeney remains the company's controlling shareholder. In announcing the injection of capital, Sweeney said it would help advance Epic's efforts in technology, entertainment and what it calls "socially connected online services." Through Fortnite and its other platforms, the company has promoted what it calls a "metaverse." In particular during Covid-19, it has drawn sizable online crowds by hosting concerts, trailer reveals, screenings and other virtual events. Video games as a category has thrived during the pandemic, with new Xbox and PlayStation consoles only accelerating the surge in demand. Related Story Microsoft Exploring $10B Acquisition Of Gamer Chat App Discord – Reports "We are grateful to our new and… Read full this story
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