'Fortnite' maker Epic Games raises $1bln at $28.7bln valuation

Epic last year received a $250mln investment from Japan's Sony

  
Epic Games booth for the game Fortnite is shown at E3, the annual video games expo revealing the latest in gaming software and hardware in Los Angeles, California, U.S., June 12, 2019.

Epic Games booth for the game Fortnite is shown at E3, the annual video games expo revealing the latest in gaming software and hardware in Los Angeles, California, U.S., June 12, 2019.

REUTERS/Mike Blake

Epic Games said on Tuesday it had raised $1 billion in its latest funding round that valued the "Fortnite" maker at $28.7 billion.

The company said it received an additional investment of $200 million from Sony Group Corp in the funding round, which also included Appaloosa, Baillie Gifford and KKR & Co Inc.

Epic Games Chief Executive Officer Tim Sweeney remains the controlling shareholder of the company after the latest investments, it said in a statement.

"Their investment will help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store," Sweeney said.

Epic last year received a $250 million investment from Japan's Sony for a minority stake in the company.

In 2018, the company received $1.25 billion in funding from investors including KKR.

(Reporting by Akanksha Rana in Bengaluru; Editing by Aditya Soni) ((akanksha.rana@thomsonreuters.com; ; Twitter: @AkankshaRanaa;))

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