“Fortnite” maker Epic Games is nearing a $750 million round at a valuation of about $17 billion, according to Bloomberg. Investors reportedly include T. Rowe Price, Baillie Gifford and previous Epic Games backer KKR.
The video game maker, which also owns social networking app Houseparty, reportedly held talks in April to raise between $500 million and $1 billion. In 2018, KKR, Vulcan Capital, Kleiner Perkins and others bought a $1.25 billion stake in the company, according to reports. Epic Games also counts Tencent, Disney and Endeavor among its backers.
Reports of the new funding come amid heightened interest in the video game industry as more people look for ways to pass the time during stay-at-home orders. Over 12 million viewers tuned in for rapper Travis Scott’s concert, virtually aired in the “Fortnite” app. And recently, the app featured a trailer of the upcoming Christopher Nolan movie “Tenet.”
Zynga recently bought Turkish mobile game maker Peak Games for $1.8 billion, and in May, AppLovin bought mobile games provider Machine Zone.
Source: Pitchbook
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