Epic Games Raises $1B for Metaverse Plans

Epic Games said today it has raised $1 billion in a new round of funding in its bid to build the metaverse, the universe of virtual worlds that are all interconnected.

The company said the money will enable it to support future growth opportunities, and it places Epic’s equity valuation at $28.7 billion.

This round includes an additional $200 million strategic investment from Sony. This builds on the already close relationship between the two companies and reinforces their goals to advance the state of the art in 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 Plan Board, funds and accounts managed by BlackRock, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton, and Luxor Capital.

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