Fortnite maker Epic Games has raised $2 billion in funding from Sony and Lego, giving the video game and software developer a $31.5 billion valuation.
Each company will provide $1 billion, Lego’s share coming from KIRKBI, the family-owned investment company behind the iconic toy company. The influx of funds comes following news of its plans with Epic to develop a “family-friendly” metaverse for kids. Lego has a video game line based on Disney’s Star Wars and Warner Bros.’ Batman, so it is in prime position for the partnership.
“A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in,” KIRKBI’s Chief Executive Officer Søren Thorup Sørensen said in a statement in mid-April.
The metaverse, a concept involving a network of virtual worlds, has intrigued corporate entities lately, enough for some firms to begin experimenting with the technology. JPMorgan, Samsung, and Nike, for example, have tested the virtual waters with small-scale projects. Epic, though, has wanted to enter the metaverse world for some time.
The funds would “accelerate our work to build the metaverse,” Epic CEO Tim Sweeney said in a statement. “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.”
Recently, Epic has also been venturing beyond its flagship battle game, Fortnite, using its technology for other forms of entertainment, such as hosting music concerts.