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Epic Games Inc., Raises $1 Billion In Funding That Values It At $28.7 Billion.

Epic Games has recently received an additional investment of $200 million from Sony Group Corp., a minority shareholder in their company. It is also raising funds from investors such as Baillie Gifford, Appaloosa, and KKR & Co Inc.

The Covid-19 pandemic has led to many of us working from home. With isolation and lack of social mobility being the norm, people staying at home have turned to video games and online gaming for entertainment, helping drive a 35% surge in video game spending in February 2021 to $4.6 billion, according to NPD, a research firm.

Epic Games has recently received an additional investment of $200 million from Sony Group Corp., a minority shareholder in their company. It is also raising funds from investors such as Baillie Gifford, Appaloosa, and KKR & Co Inc. Epic Games’ CEO, Tim Sweeney will remain the majority and controlling shareholder of the company after the latest round of investments. Epic also raised $1.25 billion in funding earlier in 2018 from investors.

The latest funding comes as Apple and Epic Games are set to fight it out in court following the ‘Fortnite’ maker’s attempt to avoid a 30% fee of the App Store by launching its own in-app payment system, a move that resulted in Apple banning Fortnite from its store. Epic had launched ‘Fortnite’, a free-to-play battle-royal video game in 2017 and since then it has amassed a huge following. The company has more than 160 million users on its PC store, as per its website. 

Source: Business World

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