Epic Games raises $1B for long-term metaverse plans, with $200M from Sony

Source | Venture Beat

Epic Games said today it has raised $1 billion in a new round of funding in its bid to build the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One.

The company said the money will enable it to support future growth opportunities, and it places Epic’s equity valuation at $28.7 billion.

This round includes an additional $200 million strategic investment from Sony. This builds on the already close relationship between the two companies and reinforces their goals to advance the state of the art in technology, entertainment, and socially- connected online services. One of the keys to the metaverse will be making realistic animated digital humans, and two of Epic’s leaders — Paul Doyle and Vladimir Mastilović — will speak on that topic at our upcoming GamesBeat Summit 2021 conference on April 28 and April 29.

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