Fortnite Maker Epic Games Becomes 5th Most Valuable U.S. Startup1 min read . Updated: 06 Aug 2020, 09:32 PM IST
- Epic Games is the fifth most valuable firm in the U.S. followed by DoorDash Inc. and Instacart Inc, food delivery companies
- The gaming company has also been into a deal with Carolina based The Cary worth $1.78 billion which has further its market value
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.
This story has been published from a wire agency feed without modifications to the text.