CARY – Privately held Epic Games is gearing up for continued development of the 3D virtual entertainment world of the metaverse with another $2 billion coming from investors.

KIRKBI, the family-owned group that backs Epic’s enwest partner – The LEGO Group – and Sony Group Corporation, which already was an investor, are providing the new cash.

Each is investing $1 billion, according to Epic.

LEGO and Epic announced last week a partnership to focus on a children-friendly metaverse project.

The deal values Epic at more than $31 billion, the entertainment and technology company disclosed in Monday’s announcement. Founded in 1991, Epic has raised more than $5 billion from investors, according to Crunchbase.

Most of that money has come in the last five years as Epic built upon the success of its Fortnite game and its Unreal game development engine which is used worldwide by entertainment companies. Most notably, Unreal was a power behind the creation of the ultra-realistic Matrix movie.

Epic raised $1 billion a year ago with $200 million of it coming from Sony. Sony also invested $250 million in the company two years ago.

In 2018, Epic raised $1.25 billion.

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Despite the influx of cash, Epic remains in control of founder and CEO Tim Sweeney, Epic noted.

“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,” said Tim Sweeney, CEO and Founder, Epic Games. “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.” 

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China-based Tencent also is a 40% owner of Epic, according to the most recent update from Epic provided. recently to WRAL TechWire.

In disclosing the deal, executives from Sony and KIRKBI noted their firm’s commitment to Epic’s technology and vision:

  • “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, in the announcement. “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 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.”

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