![]() ![]() ![]() There’s no word on what exactly the virtual world would look like or when the two companies plan to launch it. The two will work together to make children’s safety and well-being a priority, to safeguard children’s privacy and to equip children and adults with tools that give them control over their digital experience.Įpic said the digital experience will be family-friendly and empower children to become “confident creators.” The companies plan to combine their experience to ensure that this next iteration of the internet is designed with the well-being of kids in mind. While Epic and Lego haven’t gone into detail about their plans for their proposed metaverse, they outlined three principles that they say will ensure the digital spaces they develop are safe. Rowe Price Associates-managed accounts, Ontario Teachers’ Pension Plan Board, BlackRock managed accounts, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton and Luxor Capital. Other investors included Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, T. Prior to this funding round, Epic raised $1 billion in April 2021, featuring a $200 million Sony Group Corporation investment. “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.” ![]() We have found this in our partnership with Sony and Kirkbi,” said Tim Sweeney, the CEO and founder Epic Games, in a statement. ![]() “As we reimagine the future of entertainment and play we need partners who share our vision. With this new funding, Epic says all three companies aim to create new social entertainment that explores the connection between digital and physical worlds. The companies say they are going to shape the future of the metaverse to make it safe and fun for children while building an immersive digital experience for kids to play in. Today’s announcement comes a few days after Epic revealed that it’s partnering with Lego to build a metaverse aimed at kids. Epic says the new funding will go toward its efforts to build its kid-friendly metaverse and will also support its continued growth. This latest funding round gives Epic a money equity valuation of $31.5 billion. Many gamers remain skeptical of NFTs and other metaverse-adjacent technologies that are seen as money-makers for developers but currently add little value for gamers.Fortnite-maker Epic Games announced today that it has raised $2 billion in funding from Sony and Kirkbi, the parent company of the Lego Group, with both companies investing $1 billion each. KIRKBI and Sony each invested 1B at a 31.5B post-money equity valuation. Game developers have walked a cautious line in describing their visions for the metaverse. Game studio and software firm Epic Games announced it raised 2B from KIRKBI, LEGO's holding company, and Sony. And, in another sign of broadening ambitions, Epic Games acquired music marketplace Bandcamp in March. Sony, which has invested in Epic before, plans to leverage the company's game engine to create virtual sporting events and other experiences.Įpic and Lego also recently partnered to build digital experiences aimed at children, illustrating a metaverse that would be more focused on creativity and play than traditional gaming. The new investment supports Epic's efforts to build "social entertainment" experiences-not just games-for adults and children, in coordination with strategic partners. Epic rival Roblox's market capitalization has fallen more than 42% since its direct listing in March 2021, from $45.3 billion to $25.9 billion today. The gaming industry is also contending with less rapid growth than it saw during the early days of the pandemic. Late-stage valuations have come under pressure in recent months because of public stock declines. The deal increased Epic's post-money valuation to $31.5 billion, indicating less than $1 billion in organic valuation growth since April 2021-a slower pace relative to the company's reported valuation growth in prior years. Epic Games has raised $2 billion from Lego owner Kirkbi Invest and Sony as the trio eyes opportunities to build virtual experiences that will lay groundwork for the metaverse. ![]()
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