Fortnite creator Epic Games' valuation jumps to $29 billion in new funding round - CNBC

Epic Games, developer of the popular video game Fortnite, on Tuesday said it raised $1 billion in a new round of funding that lifts the company's valuation to $28.7 billion.

"We are grateful to our new and existing investors who support our vision for Epic and the Metaverse," said Tim Sweeney, CEO and founder of Epic Games.

"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." .

Credit Suisse and BofA Securities acted as joint placements to Epic in its latest financing round, Epic said, while Wilson Sonsini Goodrich & Rosati provided legal counsel.

And Epic has been expanding into other areas, including PC games distribution with its Epic Games Store — a rival to Valve's Steam — as well as new content.