Sony and KIRKBI invest $2 billion to build Epic Games' Metaverse

In an 11th April 2022 press release, American game developer and publisher Epic Games announced a $2 billion round of funding intended to "advance the company’s vision to build the Metaverse and support its continued growth."

Among the investors are Sony Group Corporation and private holding and investment company KIRKBI, the latter of which include the following subsidiaries: LEGO brand, Interlego AG, and more.

Accordingly, each party invested $1 billion toward actualising Epic Games' vision, sharing in the common goal to "create new social entertainment" and explore "the connection between digital and physical worlds."

This latest update comes just days after Epic Games announced a new long-term partnership with The LEGO Group to build a Metaverse for kids.

Epic Games receives $2 billion in funding to build the Metaverse

Commenting on the investment, Sony Group Corporation's president and CEO, Kenichiro Yoshida, said, "As a creative entertainment company, we are thrilled to invest in Epic to deepen our relationship in the Metaverse field, a space where creators and users share their time."

Yoshida continued, "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."

Søren Thorup Sørensen, CEO of KIRKBI, also commented, saying how "Epic Games is known for building playful and creative experiences and empowering creators large and small." Sørensen added, "A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in."

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"This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future Metaverse," KIRKBI's CEO concluded.

Notably, Epic Games confirmed that they only have a single class of common stock outstanding and are still controlled by CEO and founder Tim Sweeney.

Commenting on the monumental investment round, Sweeney said, "As we reimagine the future of entertainment and play we need partners who share our vision. We have found this in our partnership with Sony and KIRKBI."

"This investment will accelerate our work to build the Metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive."

Beyond this, Epic Games says it now has a post-money equity valuation is $31.5 billion. "The closing of the investment is subject to customary closing conditions, including regulatory approvals," they noted.

We will endeavour to update you regarding any further developments.

Featured image courtesy of Epic Games.