Epic Games raises $1 billion in investment round

Epic Games raised $1 billion in a recent investment round. The company itself announced this. CEO and founder, Tim Sweeney, will remain at the helm of the company. Remarkably, Sony invested 200 million dollars in the American company this year.

With this new round of capital, Epic Games is valued at US$28.7 billion. According to the company, the new investments allow to ensure future growth.

Sony Group Corporation has invested $200 million, according to Epic Games, after the Japanese company also transferred $250 million to Epic Games last year. The two companies are working closely together on the Unreal Engine 5 and Epic Games is said to have promoted the Playstation 5 console through its channels.

CEO and founder of the company, Tim Sweeney, remains the principal shareholder and administrator of the company. “These investments allow us to further expand our efforts around the Metaverse and social experiences in Fortnite, Rocket League and Fall Guys,” said Sweeney.

The news comes after previous news that the Epic Games Store, part of Epic Games, is losing hundreds of millions of dollars every year. This was evident from documents from the lawsuit that runs between Epic Games and Apple and revolves around the App Store payment. In 2019, the Epic Games Store made a loss of about $181 million, according to Eurogamer, for 2020 the loss was estimated at $273 million. For 2021, a loss of $139 million is expected. Epic expects Epic Games Store to be profitable by 2023.