Epic Games' Metaverse Project Receives $2B Funding Boost As Sony, Lego Bet On Next-Gen Industry

Epic Games, the American video game and software developer behind the successful battle royale title "Fortnite," announced it secured $2 billion in new funding from tech giant Sony and the investment company behind the Lego Group, KIRKBI, valuing its upcoming Metaverse at $31.5 billion.

The company said the funding will boost its initiative "to advance its vision to build the Metaverse and support its continued growth." Sony and KIRKBI invested $1 billion each as part of the latest funding round.

The announcement came following Epic Games' announcement of its partnership with Lego last week. The Metaverse initiative is centered on developing "an immersive, creatively inspiring and engaging digital experience for kids of all ages to enjoy together."

Epic Games described the upcoming project in a press release last week as a " family-friendly digital experience [that] will give kids access to tools that will empower them to become confident creators and deliver amazing play opportunities in a safe and positive space."

Following the transaction, Sony will own a 4.9% stake, with KIRKBI will hold a 3% stake in the metaverse initiative.

"We are also confident that Epic’s expertise, including their powerful game engine, combined with Sony’s technologies, will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives," noted Sony Corp CEO Kenichiro Yoshida.

Epic Games has not disclosed a lot of details about its Metaverse project but its CEO and founder Tim Sweeny said the investment will fast-track their work to create the Metaverse as well as spaces where players not only have fun with friends but will also allow various brands to "build creative and immersive experiences and creators can build a community and thrive.”