Sony and KIRKBI each committed $1 billion in Epic Games’ newest round of financing.
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The gaming business behind the massively popular battle royale game Fortnite revealed Monday that it has completed a $2 billion capital raising, valuing the company at $31.5 billion post-money. Sony and LEGO owner KIRKBI each contributed $1 billion to the fundraising effort. Sony’s investment follows a $450 million contribution to the firm’s July 2020 and April 2021 capital offerings.
The business said in a Monday blog post that the money was collected “to advance the company’s mission of building the Metaverse and to support its continuing expansion.” While the announcements made no mention of how the monies would be used, executives from the three businesses discussed the fundraising in terms of the Metaverse.
“We are delighted to invest in Epic to further our connection in the Metaverse, a platform where artists and users share their time,” stated Kenichiro Yoshida, Chairman, President, and CEO of Sony. Sren Thorup Srensen, CEO of KIRKBI, stated that his company was glad to help Epic Games on its path “with a long-term emphasis on the future Metaverse.” Tim Sweeney, CEO, and founder of Epic, said that the cash will be used to develop the Metaverse, which he described as a location “where gamers can have fun with their friends, businesses can provide innovative and immersive experiences, and artists can grow a community and prosper.”
Though the phrase “Metaverse” is still a nebulous notion, technology enthusiasts use it to allude to a next-generation version of the Internet in which individuals may interact with friends, work, and more through virtual environments. Cryptocurrency enthusiasts sometimes use the terms Metaverse and Web3 interchangeably, since it is thought that blockchain technology will underlie the Internet of the future, providing users with a means of earning for their involvement. As enthusiasm grew, billions of dollars were invested in initiatives aimed at expanding the Metaverse. Perhaps the most significant event occurred in October when Facebook announced its rebranding as Meta in order to “bring the Metaverse to life.” Since then, companies like Samsung, Adidas, JPMorgan, and HSBC have shown interest in entering the market. The inventor of Fortnite is the newest addition to an ever-growing list.
