Epic Games reportedly ups new funding round total to $1.7B, could go higher

CARY – Investor interest in Cary-based Epic Games apparently continues to soar with backers lining up for another huge round of investment: $1.7 billion and counting.

Based on media reports, the publisher of global hit Fortnite has upped its fundraising target from $1 billion, which was reported less than two weeks ago.

According to a report by Bloomberg, the new round could go even higher,

Investors are not scared off by Epic’s ever-expanding legal battles against tech giants Apple and Google, including a new complaint filed against Apple in the U.K. earlier this week.

If the funding target is as reported, the privately held firm would be valued at some $28 billion, perhaps even higher. Sky News estimated Epic would be worth $28 billion when it first reported the new fundraiser would be $1 billion.

Among the investors are Fidelity Investments, Franklin Templeton and T. Rowe PriceGroup, Bloomberg noted.

The most recent round last August was $1.78 billion, including $250 million strategic investment from Sony.

If so, Epic would rise from sixth to fourth among the most highly valued “unicorns” in the US, behind Stripe ($95 billion), SpaceX ($74 billion) and InstaCart ($39 billion), according to data from private equity news site Pitchbook. Databricks also is valued at around $28 billion.

After a $1.7 billion fundraiser last year, Epic currently is valued at $17.3 billion. Epic was valued at $15 billion in 2019.

TheStreet and Sky News have also reported on Epic’s funding efforts.

Epic has been on an acquisition binge, adding more gaming talent and technology through a series of buys over the past year.

The company is planning to turn the former Cary Towne Center mall into a new headquarters.