Report: Epic Games valued at $17bn in new funding round

Report: Epic Games valued at $17bn in new funding round

Fortnite firm Epic Games has reportedly been valued at $17bn in a new round of funding.

That's according to Bloomberg, which reports that the studio is trying to raise $750m in this investment lap, with companies T Rowe, KKR and Baillie Gifford apparently interested in putting their cash behind the games giant.

This follows a report in April of this year that Epic was valued at over $15bn in its effort to raise between $500m and $1bn. In 2019, the company was worth $15bn when CEO Tim Sweeney (pictured) made his debut in the Bloomberg Billionaire Index.

KKR took part in a 2018 funding round that saw a number of companies buying $1.25bn in the Fortnite maker.

Last month, there were reports that entertainment firm Endeavor was planning to sell its stake in Epic Games having been hit hard by the COVID-19 coronavirus pandemic.

Since its debut in 2017, Fortnite has attracted more than 350m players and become one of the most influential games on the market.

Of course, Epic isn't just the company that makes Fortnite. The firm is behind the Unreal game engine – the fifth iteration of which was revealed in May – and it also operates its own games store as of the end of 2018. Epic launched a new publishing label earlier this year with titles from Control and Max Payne maker Remedy as well as Playdead of Limbo and Inside fame. In 2019, the company bought social app Houseparty, which has become wildly popular due to the coronavirus pandemic. 

PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for, VGC, Games London, The Observer/Guardian and Esquire UK.