Epic Games has announced that it has raised the company’s valuation to $17 billion with its latest funding round of $1.78 billion. Epic Games is the maker of a best-selling game “Fortnite”. Epic is also the developer of the game engine called “Unreal”.
In the latest funding round last month, the game making firm has achieved a $250 million investment from Japan’s Sony Corp to get stake in the company.
The latest round funding includes the investment from the funds run by BlackRock Inc (BLK.N) and Ontario Teachers’ Pension Plan Board
According to research firm NPD, the spending on video games in the United States during the month of June surged 26% to $1.2 billion which is the mellowest for any month in its last 10 years.
The biggest reason behind the surge are the lockdowns which turned people to increase gaming time and purchasing more in-game content.
Cheyenne Cox is a news report covering multiple Market and economy News. She is creative and highly professional writer. Cheyenne holds a degree in communication and journalism and has also a Diploma in digital marketing. She belongs to south Africa who has also lived in Europe and is currently based in the US.