Epic Games has completed a $1 billion round of funding, giving it a valuation of $28.7 billion. It also allowed the company to strengthen its collaboration with Sony, which invested $200 million this time.

The company shared the news on April 13. Other investors, besides Sony, include Appaloosa, Baillie Gifford, Fidelity Management & Research Company, and GIC.

According to Epic Games CEO and founder Tim Sweeney, the company will spend the money on developing the so-called “Metaverse” and building “connected social experiences” in Fortnite, Rocket League, and Fall Guys.

Epic Games will also use these investments to develop and support Unreal Engine, Epic Online Services, and Epic Games Store.

Prior to this round, the company managed to raise $3.4 billion, including $1.78 billion last August. That’s when Epic Games started its collaboration with Sony, which has invested a total of $450 million in the company to date.

It’s also worth noting that Epic Games remains a private company. The new funding round doesn’t mean that it has any plans to go public. However, bankers told Sky News that a “flotation or combination with a Special Purpose Acquisition Company (SPAC) could not be ruled out in the medium term.”

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