UK markets open in 1 hour 13 minutes
  • NIKKEI 225

    28,633.46
    +391.25 (+1.39%)
     
  • HANG SENG

    29,532.58
    +669.81 (+2.32%)
     
  • CRUDE OIL

    52.32
    -0.04 (-0.08%)
     
  • GOLD FUTURES

    1,837.30
    +7.40 (+0.40%)
     
  • DOW

    30,814.26
    -177.24 (-0.57%)
     
  • BTC-GBP

    26,962.98
    +133.52 (+0.50%)
     
  • CMC Crypto 200

    721.05
    -14.10 (-1.92%)
     
  • ^IXIC

    12,998.50
    -114.10 (-0.87%)
     
  • ^FTAS

    3,798.30
    -5.45 (-0.14%)
     

Fortnite Maker Epic Games Becomes 5th Most Valuable U.S. Startup

Michael Tobin
·1-min read

(Bloomberg) -- Epic Games Inc., the video game company behind Fortnite, said the business is valued at $17.3 billion after completing a new round of funding. The deal makes Epic the fifth-most-valuable technology startup in the U.S.

The Cary, North Carolina-based company said the total size of the financing was $1.78 billion. That includes investments from Baillie Gifford, funds managed by BlackRock Inc., Fidelity Investments and Lightspeed Venture Partners. The number also contains last month’s $250 million investment from Sony Corp. and purchases from employee equity holders.

Bloomberg reported in April that Epic, which also owns a widely used set of game development tools called the Unreal Engine, was seeking investments at a value of more than $15 billion. By June, as the effects of the coronavirus pandemic boosted demand for video games, the valuation had reached about $17 billion.

With the funds secured, Epic is now more valuable than the likes of DoorDash Inc. and Instacart Inc., two food delivery companies that have also benefited from pandemic-related spending. Epic only trails Stripe Inc., Space Exploration Technologies Corp., Palantir Technologies Inc. and Airbnb Inc. in the U.S., according to technology market research firm CB Insights.

Read more: Fortnite’s Tim Sweeney Comes Out Swinging at Apple, Google

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.