Game and Unreal Engine giant announces new financing round that pegs value of company at $17.3 billion.
Epic Games this morning has announced a $1.78 billion round of funding consisting of primary capital and secondary purchases from employee equity holders. The financing puts Epic's post-money equity valuation at $17.3 billion.
The round includes a previously announced $250 million strategic investment from Sony Corporation, cementing the already close relationship between the two companies. Additional investment partners include 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., and David Tepper. Existing investors KKR and Smash Ventures also added to their 2018 investment. Following the closing of the funding round, Epic will continue to have only a single class of common stock outstanding and will remain controlled by its founder and CEO, Tim Sweeney.
According to 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.”
Credit Suisse and The Raine Group acted as joint placement agents to Epic, and Wilson Sonsini Goodrich & Rosati provided legal counsel to Epic.
Source: Epic Games
Dan Sarto is Publisher and Editor-in-Chief of Animation World Network.