‘Fortnite’ developer Epic Games closes $1.78b in a funding round

The American video games and software developer announced it has raised $1.78 billion in its latest funding round, taking the company’s valuation past $17 billion. This round received participation from BlackRock Inc and Ontario Teacher’s Pension Plan Board.

The Fortnite maker established that the latest funding round includes the $250 million investment from Japan’s Sony Corp last month for a stake in the company.

Spending in the United States on video games for June surged 26% to $1.2 billion, the highest for the month in over a decade, according to research firm NPD, as people turned to games during lockdowns and also purchased more in-game content.