With a new $1.78 billion round of funding, Cary video game developer Epic Games says it’s now a $17.3 billion company.
The nearly 20-year-old company, which announced the raise Thursday, continues to ride the success of its global hit, “Fortnite,” which has hundreds of millions of users worldwide.
The latest funder includes a previously announced $250 million investment from Sony Corporation. It also includes an undisclosed infusion from Carolina Panthers owner David Tepper, as well as Baillie Gifford, funds and accounts managed by BlackRock, Fidelity Management & Research Company LLC, Lightspeed Venture Partners, Ontario Teachers’ Pension Plan Board, funds and accounts advised by T. Rowe Price Associates, Inc.
Existing investors KKR and Smash Ventures also contributed to the round.
According to the company, Epic Games will continue to be controlled by its founder and CEO Tim Sweeney.
“Having the support of leaders in the financial community accelerates Epic’s efforts to build a new kind of digital ecosystem using real-time 3D technology, services that connect hundreds of millions of people, and a digital storefront that offers a fair business model. We are delighted to have them as part of the Epic family,” Sweeney said in a prepared statement.
Epic declined to comment on the raise beyond a press release.
Spending on digital gaming across the globe hit a record $109.4 billion in 2019 – up 3 percent from the previous year, according to data from Nielsen’s SuperData Research Group. And the top earning title, once again, was “Fortnite,” which generated $1.8 billion in 2019 – down from $2.4 billion in 2018. Fortnite now has more than 350 million registered users, according to Epic.
Last fall, Epic Games expanded its plans for a new headquarters in Cary – adding space for up to 2,000 workers. The new headquarters has been in development for years, but Epic has not released details for a timeline on the project.
In 2018, Epic closed a $1.25 billion fundraising round.
Original Article Source: Triangle Business Journal