Epic Games’ metaverse is happening folks. And by happening, I mean that the Fortnite-maker is planning to go all-in on it if its recent partnership with LEGO is anything to go by. And in pursuit of its goal to make its kid-friendly metaverse a reality, Epic has scooped up $2 billion in fresh funding.
The round included the participation of Sony Group Corporation (Epic’s existing investor) as well as KIRKBI, the parent company of The LEGO Group. Both put in $1 billion each, elevating the money equity valuation of Epic to $31.5 billion.
The closing of the investment marks Sony’s third investment after it pumped in $450 million in Epic over two investments in 2020 and 2021. It is subject to customary closing conditions, including regulatory approvals.
Sony and KIRKBI will be the partners that share its vision for its metaverse, CEO and founder Tim Sweeney said. The latest investment will be utilized in its task to create spaces “where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.”
According to Epic, all three companies aim to create new social entertainment that explores the connection between the digital and the physical worlds. Søren Thorup Sørensen, CEO, KIRKBI, said that the investment would accelerate its engagement in the world of digital play and that they we pleased to invest in Epic Games in order to support their continued growth journey, with a long-term focus toward the future metaverse.”
Epic and Lego claim to have new governing principles for the metaverse. It will ensure that the digital spaces prioritize safety and wellbeing and thereby protect a child’s right to play, safeguard children’s right to privacy by putting their best interests first, and empower children and adults with tools that give them control over their digital experience.
The concept of the metaverse has made its way across the world over the past few months. You can thank Facebook for that – wait, we can’t call it that anymore since it rebranded to Meta to highlight its focus on the metaverse – and soon, the concept was embraced by other players across the globe. Today, players like JPMorgan, Tencent, Nike, and others are also working on the metaverse, something that has made it less of an abstract concept and more of a reality in the future.