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April 11, 2022, 1:12 p.m. EDT

‘Fortnite’ creator Epic Games valued at $31.5 billion after latest round of funding

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Denny Jacob

“Fortnite” creator Epic Games Inc. is now valued at $31.5 billion after raising more capital from existing investor Sony Group Corp. /zigman2/quotes/208567357/composite SONY +0.84% /zigman2/quotes/201361720/delayed JP:6758 -0.77% and Kirkbi A/S, the holding company of the Kirk Kristiansen family.

Epic said Monday that  Sony and Kirkbi each invested $1 billion  in its latest round of funding.

Don’t miss: California attorney general jumps into Epic-Apple antitrust battle

The company, which also counts Walt Disney Co. /zigman2/quotes/203410047/composite DIS -0.01% and China’s Tencent Holdings Ltd. /zigman2/quotes/207908563/delayed TCEHY -4.71% /zigman2/quotes/204605823/delayed HK:700 -2.64% among its investors,  was valued at $28.7 billion  as of last April. Its chief executive, Tim Sweeney, remains the company’s controlling shareholder.

The company said the funding will advance the company’s aims to build the metaverse — a term used to describe  a virtual environment  in which people can use digital avatars to work, play and shop — and its continued growth.

An expanded version of this report appears at WSJ.com.

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