Epic Games announced that it has completed a $ 1 billion funding round that will allow the company to support future growth opportunities. Epic's net worth is now worth $ 28.7 billion.
The funding round includes a $ 200 million additional strategic investment from Sony Group Corporation that builds on the close relationship between the two companies and strengthens their shared mission to advance technology, entertainment and socially connected online services. Other investment partners include Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, funds and accounts advised by T. Rowe Price Associates, Ontario Teachers' Pension Board, funds and accounts managed by BlackRock, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton and Luxor Capital. Note that amid this news, Epic still has only one class of common shares outstanding.
Credit Suisse and BofA Securities reportedly acted as agents for the joint offering of Epic shares, while Wilson Sonsini Goodrich & Rosati provided legal services to Epic.
Epic Games is expected to use the funds raised to develop social services in Fortnite, Rocket League and Fall Guys, as well as support developers who use the Unreal Engine and other products from the studio.