Thursday, June 30, 2022
Thursday, June 30, 2022
Home Gaming Epic Games, Secures $2 Billion To Build A Place For Kids to Play In The Metaverse

Epic Games, Secures $2 Billion To Build A Place For Kids to Play In The Metaverse

by Milcah Lukhanyu
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Epic Games,  an American video game and software developer and publisher has secured a $2 billion round of funding aimed at advancing the company’s vision to build a place for kids to play in the metaverse.

The round includes investments from existing investor Sony Group Corporation as well as KIRKBI, the family-owned holding and investment company behind The LEGO Group, with each party investing $1 billion or R14.5 billion respectively.

Tim Sweeney, CEO and Founder, Epic Games. “As we reimagine the future of entertainment and play we need partners who share our vision. We have found this in our partnership with Sony and KIRKBI.This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.”

Epic’s post-money equity valuation stands at $31.5 billion.The closing of the investment is subject to customary closing conditions, including regulatory approval.The companies will team up to build an immersive, creatively inspiring and engaging digital experience for kids of all ages to enjoy together.

The family-friendly digital experience will give kids access to tools that will empower them to become confident creators and deliver amazing play opportunities in a safe and positive space.

“Epic Games is known for building playful and creative experiences and empowering creators large and small,” said Søren Thorup Sørensen, CEO, KIRKBI. “A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in. This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future metaverse.”

As the metaverse evolves, it is reshaping how people meet, play, work, learn and interact in a virtual, 3D world. The LEGO Group and Epic Games will combine their extensive experience to ensure that this next iteration of the internet is designed from the outset with the wellbeing of kids in mind. “As a creative entertainment company, we are thrilled to invest in Epic to deepen our relationship in the metaverse field, a space where creators and users share their time.” said Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation. “We are also confident that Epic’s expertise, including their powerful game engine, combined with Sony’s technologies, will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives.”

Epic Games, Inc. is an American video game and software developer and publisher based in Cary, North Carolina. The company was founded by Tim Sweeney as Potomac Computer Systems in 1991.

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