No one wants to be left behind in the metaverse.
Two more big companies tossed their hats—or at least dollars—into the metaverse ring on Monday, as North Carolina-based Epic Games announced a $2 billion investment that values it at $31.5 billion.
Epic said the new funding will “advance the company’s vision to build the metaverse and support its continued growth.”
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Under terms of the agreement, both Sony and KIRKBI—the family-owned holding and investment company behind The LEGO Group—each invest $1 billion. Just last week, Epic and Lego announced a partnership in developing a “family-friendly” metaverse for kids.
“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,” Tim Sweeney, Epic Games’ CEO and founder, said in a statement. “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.”
Founded in 1991, Epic is the creator of the Fortnite game. The company has raised more than $7 billion to date, according to Crunchbase data.
The closing of the deal is subject to customary closing conditions, including regulatory approvals.
Illustration: Dom Guzman
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