Fortnite maker Epic Games is raising $750 million, according to two sources who spoke to GamesBeat. Startup Epic Games Inc, which developed battle game Fortnite and acquired networking app Houseparty, is close to raising a $750 million round of funding at a valuation of about $17 billion, according to people familiar with the matter.
New investors T Rowe Price Group Inc and Baillie Gifford will contribute to the round, while existing investors including KKR & Co will also participate, the people said, asking not to be identified as the details aren’t public. The valuation, which includes the new funding, is a bump up from the $15 billion valuation the company garnered in 2018.
Bloomberg said that new investors participating in this round are T. Rowe Price Group and Baillie Gifford. Existing investors KKR & Co. will also participate, Bloomberg reported, citing unnamed sources.
The deal also gives us a window into the company’s current financial picture, as the privately held Epic does not disclose its revenues or profits.
Epic Games and its video game competitors are becoming destinations to watch concerts and debut movie trailers. Nearly 28 million fans flocked to an April concert by rapper Travis Scott, which was held virtually in Fortnite. In May, Epic aired a new trailer for the upcoming Christopher Nolan movie Tenet on Fortnite.
