Thu, 24 Sep 2020

Epic Games raises another $1.8B in funding

Field Level Media
07 Aug 2020, 07:19 GMT+10

After raising nearly $1.8 billion in funding from a corporate venture round of primary capital and secondary purchases from employee equity holders, Epic Games raised its valuation 15 percent, The Esports Observer reported Thursday.

The developer of the popular Fortnite title now has a company valuation of $17.3 billion, up from $15 billion in 2018, according to the report. Epic Games added $1.25 billion in funding two years ago.

Investment participants include the Sony Corporation, T. Rowe Price Associates, Ontario Teachers' Pension Plan Board, Lightspeed Venture Partners, Fidelity Management Research Company and funds and accounts managed by BlackRock, the report stated.

Epic Games founder and CEO Tim Sweeney remains in control of the company's one class of common stock outstanding. Riot Games' parent company Tencent is the second largest shareholder.

As of June, the company had raised $750 million through an investment round, but that was topped by more than $1 billion in two months.

--Field Level Media

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