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'Fortnite' Developer Epic Games Raises $1.78 Billion

(Reuters) - Epic Games, the creator of the popular video game “Fortnite” said on Thursday it has raised $1.78 billion in its latest funding round, taking the company’s valuation past $17 billion.

The latest funding round includes the $250 million investment from Japan’s Sony Corp last month for a stake in the company.

Spending in the United States on video games for June surged 26% to $1.2 billion, the highest for the month in over a decade, according to research firm NPD, as people turned to games during lockdowns and also purchased more in-game content.

Epic, which also developed the game engine "Unreal", said the latest round included funds managed by BlackRock Inc and Ontario Teachers' Pension Plan Board.

Reporting by Neha Malara in Bengaluru; Editing by Shounak Dasgupta

Source: Reuters

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