The developer of Fortnite is looking to raise even more money that would push the company to a total valuation of beyond $15 billion. This is according to sources speaking to Bloomberg, who noted that Epic Games has spoken with a variety of venture capital firms about raising the money.
The site reported that Epic has retained a financial adviser to process the fundraising, which is said to be in the area of between $500 million and $1 billion. With this new cash injection, Epic Games would exceed its current reported valuation of around $15 billion.
In 2012, Epic sold a 40 percent stake in the company to the Chinese internet behemoth Tencent. Walt Disney, Endeavor Group Holdings, and Lightspeed Venture Partners are all minority investors in Epic.
Disney used Epic’s Unreal Engine to film sequences in The Mandalorian, and it’s expected the companies will continue to work together in the future.
More recently, Epic acquired the Houseparty app, which has exploded in popularity as people stay home and look for new ways to stay connected with friends during the lockdowns.
Despite the gargantuan success of the Unreal Engine, Fortnite, and Houseparty, Epic Games remains an independent company. It was founded by Tim Sweeney, and is headquartered in Cary, North Carolina.
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