Posted March 26, 2021
CARY – Cary-based gaming giant Epic Games is soon set to close an additional $1 billion in funding just seven months after closing its last fundraising round.
That’s according to Sky News. Bloomberg News also picked up the report.
If the funding is secured, the publisher of the globally popular Fortnite could see its valuation rise to about $28 billion, calculated Sky News. Such a valuatio would propel the company to the ranks of the top 10 highest valued startups according to CB Insights data that tracks “unicorns,” startup companies that have received valuations in excess of $1 billion.
The most recent round included $1.78 billion in financing with a previously announced $250 million strategic investment from Sony, increasing the company’s valuation to $17.3 billion at the time.
According to Sky News, Bank of America is advising the company on the latest financing transaction.
The company announced in January the acquisition of Cary Towne Center, which will become the new headquarters location, and previously acquired the developer of one of the surprise gaming hits of the pandemic, “Fall Guys: Ultimate Knockout,” with the firm’s 300 employees set to join Epic.