Epic Games raises $2B investment from Sony and LEGO parent company

Epic Games, the company behind Fortnite and Unreal Engine, has raised $2 billion to "build the metaverse."

The funding: Expect more of the same from the company, which is now valued at $31.5B.

• The $2B will be utilized by Epic Games to continue on its mission to "build the metaverse and support its continued growth."
• The funding round includes contributions from existing investor Sony and KIRKBI, the parent company of The LEGO Group. Each company invested $1B.
• Founder and CEO Tim Sweeney will retain a controlling share in the company as it builds products to explore "the connection between digital and physical worlds."

A wider lens: What exactly is Epic Games planning?

• This investment was perhaps foreshadowed by Epic and LEGO recently entering a "long-term" partnership that will see the two parties create child-friendly corners of the so-called metaverse.
  
• With major funding and lofty plans, there's likely to be an influx of job opportunities at Epic Games in the coming weeks as it continues to grow. There are already over 200 open roles at the time of publication.
• The company last closed funding on April 12, 2021 when it announced it had raised $1B, with $200M coming from Sony. As is the case now, Epic Games seemed focused on the metaverse and aimed to build connected experiences across Fortnite, Rocket League, and Fall Guys.
• While the metaverse is still at the forefront of the company's announced plans, a lack of specificity around what form it'll all take remains. Fortnite continues to bring together IP from DC Comics, Marvel Entertainment, sports, and pop culture in a way no other platform or form of media has to date, however.