Fortnite Publisher Announces $1.78 Billion Funding Including Sony’s $250 Million
Epic Games, the creator and publisher of the smash-hit game title Fortnite, has just announced a $1.78 billion round of funding, including Sony’s previously announced $250 million strategic investment under which Sony obtained a 1.4% stake in Epic, Variety is reporting.
According to Epic Games, which will remain controlled by founder and CEO Tim Sweeney, the latest round of funding gives it a post-money equity valuation of $17.3 billion. Credit Suisse and the Raine Group acted as joint placement agents to Epic, while law firm Wilson Sonsini Goodrich & Rosati provided legal counsel to the company.
In 2019, Fortnite raked in $1.8 billion which made it the No. 1 game title worldwide in terms of revenue.
“Having the support of leaders in the financial community accelerates Epic’s efforts to build a new kind of digital ecosystem using real-time 3D technology, services that connect hundreds of millions of people, and a digital storefront that offers a fair business model. We are delighted to have them as part of the Epic family,” Sweeney said in a statement.
Back in May, Epic Games had revealed that Fortnite, its free-to-play game with in-app purchases and subscription options, had surpassed 350 million players worldwide.