Epic Games has received a $1 billion investment from Sony Group Corporation and KIRKBI, the investment and holding company behind LEGO, for a total of $2 billion in funding. “To advance the company’s mission to develop the metaverse and support its continued expansion,” the investment’s declared goal is. According to the release, all three firms are committed to “exploring the relationship between the digital and real worlds.”
Epic discovered that a lot of individuals were utilizing Fortnite as a place to socialize with their friends. The constructing and shooting game was rather incidental to this, much like stores are to ’90s teenagers dangling out in malls. Although online virtual hangout spaces have been around for decades, referring to them as “the metaverse” sounds thrilling and novel to investors.
“As the company rethinks the future of entertainment and play, the company needs partners who share companies vision, which has been found in this alliance with KIRKBI and Sony,” stated Tim Sweeney, Epic Games Founder, and CEO. “With this financing, the company will be able to accelerate our efforts to build the metaverse and create areas where gamers may enjoy themselves with their friends, advertisers can create immersive and innovative experiences, and creators can build a community and prosper,” says the company.
“Epic Games is known for developing exciting and creative experiences and encouraging creators large and small,” said Sren Thorup Srensen, CEO of KIRKBI. “A portion of our funds are allocated to trends that we anticipate will have an impact on the world in which we and our children will live in the future. We are happy to be financing Epic Games to support companies’ continuous growth journey, along with a long-term focus toward the future metaverse, as this investment will accelerate our engagement in the world of virtual play.”
Tim Sweeney’s control of Epic Games is unaffected by the investment, which values the company at $31.5 billion.
According to Epic Games, the corporation has only one class of common stock outstanding and is still owned by Sweeney. Epic Games is valued at $31.5 billion in post-money equity following the investment, while the transaction is still subject to all of the typical closing conditions and regulatory clearances.
The metaverse is changing how people meet, work, study, play, and engage in a virtual, 3D world as it develops. The Epic Games and LEGO Group will stock their resources to ensure that the next generation of users of the internet is developed with children’s welfare in mind from the start.
Epic Games is known for creating open and accessible creative tools and immersive worlds for players and developers all over the globe. It is at the forefront of famous culture, generating experiences that bring people together through music, games, and collaborative projects.