Epic Games this morning announced a $ 1.78 billion funding round consisting of primary capital and secondary purchases from employees. The funding brings Epic's post-money equity valuation to $ 17.3 billion.
The round includes a previously announced Strategic investment of $ 250 million from Sony Corporation, cementing an already close relationship between the two companies. Other investment partners include Baillie Gifford, funds and accounts managed by BlackRock, Fidelity Management & Research Company LLC, Lightspeed Venture Partners, the Ontario Teachers' Pension Plan Board, funds advised by T. Rowe Price Associates, Inc. and David Tepper Accounts. Existing investors KKR and Smash Ventures have also topped up their investment for 2018. Upon completion of the funding round, Epic will continue to have a single class of common stock outstanding and will continue to be controlled by its founder and CEO, Tim Sweeney.
Sweeney: “Supporting executives in the financial world is accelerating Epic's efforts to build a new breed of digital ecosystem model using real-time 3D technology, services that connect hundreds of millions of people, and a fair-business digital storefront. We are very excited to have her as part of the Epic family. "
Credit Suisse and The Raine Group acted as joint intermediaries for Epic, and Wilson Sonsini Goodrich & Rosati provided legal advice to Epic.
Source: Epic Games
Dan Sarto is the editor and editor-in-chief of Animation World Network.