'Fortnite' maker Epic Games is worth just shy of $30 billion after raising another $1 billion in its latest funding round

Business Insider US
  • The North Carolina gaming company behind "Fortnite" is worth just shy of $30 billion.
  • Epic Games announced the valuation in a press release which also disclosed a $1 billion round of fundraising.
  • Sony was among the investment groups listed, with a $200 million contribution.
  • Visit Business Insider for more stories.

In less than a year, the company behind "Fortnite" has nearly doubled in value - from about $18 billion in July 2020 to nearly $30 billion in April 2021.

That's according to a press release from North Carolina's gaming powerhouse Epic Games announcing its most recent fundraising: $1 billion in total, including a $200 million contribution from PlayStation-maker Sony. That puts Sony's total investment into Epic at $450 million in total.

"We are excited to strengthen our collaboration to bring new entertainment experiences to people around the world," said Sony president and CEO Kenichiro Yoshida. "I strongly believe that this aligns with our purpose to fill the world with emotion, through the power of creativity and technology."

The rest of the investors listed are institutions, including Fidelity, Franklin Templeton and Luxor Capital, among others. Notably, the Ontario Teachers' Pension Plan Board is also listed as a participant in the funding round.

Epic makes many products beyond "Fortnite."

The company is responsible for the Unreal Engine software suite, a widely-used tool for building video games, and also runs the Epic Game Store, a digital storefront for Mac and PC gaming. In addition to "Fortnite," Epic also owns and operates "Rocket League" and "Fall Guys," two other popular online multiplayer games.

"Fortnite" is the company's most popular game, and likely to be its most profitable: The game pulled in over $400 million in April 2020 alone, according to sources speaking to VentureBeat. It's also the subject of ongoing litigation between Epic Games and Apple.

The company is privately owned, and CEO Tim Sweeney remains the majority shareholder. He has a net worth of nearly $10 billion, according to the Bloomberg Billionaires Index.

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