Epic Games Revenue, Valuation, Funding & Investors

Epic Games is valued at $23B as of February 2024, a 3.9x multiple on its last reported $5.7B revenue.

Last Epic Games valuation

$23B

Strategic investment · Feb 2024

Last Epic Games funding round

$1.5B

Strategic investment · Feb 2024

Epic Games revenue

$5.7B

Strategic investment · Feb 2024

Key investors in Epic Games

  • Lightspeed Venture Partners
  • KKR
  • Fidelity
  • BlackRock
  • Baillie Gifford
  • HOF Capital

Epic Games Overview

About Epic Games

Epic Games is a Cary, North Carolina-headquartered video game developer and software provider. The company creates the Unreal Engine, licensed for high-fidelity games and 3D applications on PC, consoles, mobile, and VR platforms. Epic develops titles such as Fortnite, released in 2017, and Rocket League via Psyonix acquisition, while operating the Epic Games Store since 2018 to support indie developers with an 88/12 revenue split.


Founded

1991

HQ

United StatesRaleigh, NC

Status

Privately held

Customer focus

B2C & B2B

Revenue model

Product sales, Licensing

Revenue

$5.7B (Feb 2024)

Valuation

$23B (Feb 2024)

Epic Games Valuation

Epic Games is currently valued at $23B, based on its strategic investment round in February 2024.

The $1.5B round was led by Disney.

Epic Games' valuation has grown 1.5x from $15B at its undisclosed-stage round in October 2018 to $23B in February 2024, across 6 priced rounds.

Epic Games valuation by funding round

Revenue multiple
Epic Games valuation by funding round
DateStageValuationRevenue Multiple
Feb 2024Strategic investment$23B3.9x
Apr 2022Undisclosed stage$32B5.5x
Apr 2021Undisclosed stage$29B-
Aug 2020Undisclosed stage$17B4.5x
Jul 2020Strategic investment$18B4.6x
Oct 2018Undisclosed stage$15B12.9x

Epic Games Revenue

Epic Games' latest recorded revenue is $5.7B, as of its strategic investment round in February 2024. At a $23B valuation, that implies a 3.9x revenue multiple.

Revenue grew from $1.2B in October 2018 to $5.7B in February 2024, while the revenue multiple moved from 12.9x to 3.9x.

Epic Games revenue by funding round

Epic Games revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Feb 2024$5.7B$23B3.9xStrategic investment
Apr 2022$5.7B$32B5.5xUndisclosed stage
Aug 2020$3.9B$17B4.5xUndisclosed stage
Jul 2020$3.9B$18B4.6xStrategic investment
Oct 2018$1.2B$15B12.9xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Epic Games Funding History

Epic Games has raised a total of $7.8B across 6 funding rounds.

Epic Games' first fundraising round was a $1.3B undisclosed-stage round in October 2018. The most recent completed round was a $1.5B strategic investment round in February 2024.

Epic Games funding rounds

Epic Games funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2024Strategic investmentDisney (lead)$1.5B$23BEpic Games, creator of Fortnite and Unreal Engine, received a $1.5 billion equity investment from Disney in February 2024 at a $22.5 billion post-money valuation. This corporate round marked Epic's first outside funding since a $2 billion raise in 2022 at $31.5 billion valuation and supports building a persistent Disney universe within Fortnite and Unreal Engine. The deal positions Disney to expand its brands like Marvel, Star Wars, and Pixar into Epic's gaming ecosystem amid Epic's disputes with Apple over app store policies. Sacra estimates Epic's 2023 revenue at $5.2 billion and 2024 at $5.7 billion, but no sources explicitly state revenue or ARR in context of this round. Epic has raised over $6-8 billion total across multiple rounds.
Apr 2022Undisclosed stageKIRKBI (lead); Sony (lead); The K Fund$2B$32BEpic Games announced a $2 billion funding round in April 2022 from existing investor Sony Group Corporation and KIRKBI, the family-owned holding company behind The LEGO Group, with each party investing $1 billion. The investment valued Epic Games at $31.5 billion post-money equity valuation. The funding was directed toward advancing Epic's vision to build the metaverse and support continued growth, with focus on creating social entertainment experiences that bridge digital and physical worlds. Epic Games, creator of the ubiquitous Fortnite game with 350 million worldwide users, is a video game publisher and technology provider known for its Unreal Engine and game development solutions. While Fortnite generates billions in revenue through in-game purchases of cosmetic items and battle passes, Epic did not disclose specific revenue or EBITDA figures in connection with this April 2022 funding announcement. The investment strengthened existing partnerships, with Sony expanding its stake to 4.9% while KIRKBI acquired a 3% stake in the company.
Apr 2021Undisclosed stageBaillie Gifford; Putnam Premier IT; Fidelity; GIC; BLN Capital; HOF Capital; BlackRock; Edelweiss Capital; Arrive; Appaloosa Management; AllianceBernstein; Citadel$1B$29BEpic Games, the Fortnite game owner and developer of Unreal Engine, raised $1 billion in a funding round in April 2021 at a post-money valuation of $28.7 billion. Investors included Sony ($200 million), Appaloosa, Baillie Gifford, and KKR, among others. CEO Tim Sweeney retained control as the controlling shareholder. The funds were intended to accelerate development of connected social experiences in Fortnite, Rocket League, and Fall Guys, while supporting game developers via Unreal Engine, Epic Online Services, and the Epic Games Store. This followed prior investments like Sony's $250 million minority stake in 2020 and KKR's $1.25 billion in 2018.
Aug 2020Undisclosed stageBaillie Gifford; KKR; David Tepper; Manta Ray Ventures; Christian Edler; Fidelity; Ontario Teachers' Pension Plan; T. Rowe Price; HOF Capital; BlackRock; Lightspeed Venture Partners; Hedosophia$1.8B$17BEpic Games raised approximately $1.78 billion in a June 2020 funding round (including $1 billion primary and $750-780 million secondary) from investors including Baillie Gifford, BlackRock, Fidelity, KKR, Lightspeed Venture Partners, T. Rowe Price, and others matching the query. Epic Games generated $3.85 billion in revenue in 2020 per Apple vs Epic court documents, with a 40% profit margin yielding $1.54 billion profit, amid COVID-driven Fortnite growth. Other estimates place 2020 revenue at $5.1 billion, boosted by lockdowns increasing in-game purchases. Fortnite accounted for about 77% of revenue that year. The company operated in the booming gaming sector, with Fortnite as its core driver alongside Unreal Engine licensing and the Epic Games Store, which ran at a loss of $273 million in 2020.
Jul 2020Strategic investmentSony (lead)$250M$18BEpic Games, the developer and publisher of the massively popular battle royale game Fortnite and creator of the Unreal Engine, received a $250 million strategic investment from Sony Corporation in July 2020. This investment brought Epic's pre-money valuation to $17.5 billion, representing a minority stake for Sony. Unlike typical venture capital rounds focused on a single product line, Sony's investment involved the entire Sony Corporation across multiple business groups including Sony Pictures, Sony Music, Sony Interactive Entertainment, PlayStation, Sony Electronics, and Sony Semiconductors, signaling a broad strategic partnership. The funding was intended to support collaboration across Sony's entertainment portfolio and Epic's digital ecosystem to create unique interactive experiences for consumers and creators. Epic Games' Fortnite has over 350 million registered players and represents one of the most successful gaming properties globally, while Unreal Engine serves as a foundational technology platform used across the games industry and increasingly in film and television production. This 2020 investment marked the beginning of an expanding relationship, with Sony subsequently investing $200 million in 2021 and $1 billion in 2022, ultimately building a 5.4% ownership stake in the company by 2022.
Oct 2018Undisclosed stageKKR (lead); Vulcan Capital (lead); ICONIQ Capital; Kleiner Perkins; Chris Adamo; Altimeter Capital; Lightspeed Venture Partners; LionTree; Smash Ventures; AXiomatic$1.3B$15BEpic Games, creator of Fortnite and Unreal Engine, raised $1.25-$1.3 billion in a venture round on October 26, 2018, led by KKR and Vulcan Capital, with investors including ICONIQ Growth (Iconiq Capital), Kleiner Perkins, Lightspeed Venture Partners, aXiomatic, Smash Ventures, and others. The post-money valuation was $15 billion, nearly double a prior $8 billion estimate. Tencent held 40% from a 2012 investment. Fortnite drove massive success since mid-2017, becoming the world's most popular game with battle royale mode, powering esports and additional revenue streams like merchandise and tournaments. The funding supported growth in real-time 3D technology and interactive entertainment. This round positioned Epic as a leader in gaming and engine tech, with partners from sports and entertainment like Golden State Warriors and Washington Wizards owners via aXiomatic.

Who has invested in Epic Games?

32 investors have backed Epic Games across its funding rounds, including Lightspeed Venture Partners, KKR, Fidelity, BlackRock, Baillie Gifford and HOF Capital.

Lead investors include Disney, KIRKBI, Sony, KKR and Vulcan Capital.


Epic Games Investors

Investors in Epic Games by funding rounds participated
InvestorHQRoundsRoleFirst check
Baillie GiffordUnited KingdomEdinburgh2ParticipantAug 2020
KKRUnited StatesNew York City, NY2LeadOct 2018
FidelityUnited StatesBoston, MA2ParticipantAug 2020
SonyJapanTokyo2LeadJul 2020
HOF CapitalUnited StatesNew York City, NY2ParticipantAug 2020
BlackRockUnited StatesUnited States2ParticipantAug 2020
Lightspeed Venture PartnersUnited StatesSan Francisco, CA2ParticipantOct 2018
David TepperUnited StatesPittsburgh, PA1ParticipantAug 2020
Manta Ray VenturesUnited KingdomLondon1ParticipantAug 2020
ICONIQ CapitalUnited StatesSan Francisco, CA1ParticipantOct 2018
Putnam Premier ITUnited StatesUnited States1ParticipantApr 2021
DisneyUnited StatesLos Angeles, CA1LeadFeb 2024
Christian EdlerGermanyGermany1ParticipantAug 2020

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Acquisitions by Epic Games

Epic Games has acquired 20 companies to date.

Last acquisition by Epic Games was on April 2nd 2025. Epic Games acquired Loci for undisclosed valuation.


Latest Acquisitions by Epic Games

Loci
Aquiris
Bandcamp
Harmonix Music Systems
Description
Loci is a machine learning platform for 3D asset management in architecture, engineering, construction, and operations. Its APIs enable automated tagging, searching, recommending, and generating 3D models from BIM files. San Francisco-based since 2020, Loci processes millions of assets for firms like Autodesk partners. The platform uses computer vision to optimize content libraries and support digital twins.
Aquiris is a Porto Alegre, Brazil-based game studio founded in 2007, developing 3D titles for PC, mobile, and browser platforms. It publishes games like Horizon Chase Turbo, a retro racing series available on Nintendo Switch, PlayStation, and Xbox, alongside soccer titles such as CN Superstar Soccer. Partnering with publishers like Aquiris Game Studio distributes to over 50 countries.
Bandcamp is a music publishing platform hosting artist homepages and enabling full-track streaming and album sales. Founded in 2008, the Oakland, California-based service offers fan management tools, digital distribution, SEO, audio transcoding, and scalable servers for independent musicians worldwide.
Harmonix Music Systems is a Cambridge-based video game developer known for rhythm titles like Rock Band and Dance Central series. Acquired by Epic Games in 2021, the studio previously created the initial Guitar Hero games until 2007. Founded in 1995, Harmonix distributes products in North America, Europe, Australia, and New Zealand through platforms including Xbox and PlayStation, emphasizing multiplayer music experiences.
HQ CountryUnited KingdomBrazilUnited StatesUnited States
HQ City
London
Porto Alegre
San Francisco, CA
-
Deal Date2 Apr 202519 Apr 20232 Mar 202223 Nov 2021
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Epic Games

Epic Games has invested in 13 companies to date.

Latest investment by Epic Games was on June 5th 2024. Epic Games invested in WEVR in their $4M Strategic investment round.


Latest Investments by Epic Games

WEVR
Exverse
Songtradr
Hana Kuma
Description
WEVR is a Venice, California-headquartered developer of immersive computing platforms for virtual reality content creation. Founded in 2015, it supports real-time simulations for artists using Oculus and HTC Vive headsets, powering experiences for brands like Ford and NASA.
Exverse is a free-to-play metaverse game powered by Unreal Engine 5, featuring three explorable planets with AI-driven NPCs and procedural quests. Developed for PC and consoles, it supports player-owned economies and cross-platform multiplayer for immersive sci-fi adventures.
Songtradr is a Los Angeles-headquartered music licensing marketplace founded in 2014 that links independent artists and catalogs worldwide with brands such as Facebook and NBCUniversal. The platform facilitates sync licensing for advertisements, films, and social media content through its marketplace and publishing division. Songtradr partners with major labels including Universal Music Publishing Group and Warner Chappell Music to manage extensive music catalogs. Businesses access curated tracks via data-driven search tools, while artists earn from placements in global campaigns. The company extends services to sonic branding strategies for enterprises and production music libraries for video creators.
Hana Kuma is a production studio creating branded content and documentaries highlighting diverse cultures through authentic storytelling. Los Angeles-based, it produces series for Netflix and brands like Google, focusing on Asian and Pacific Islander narratives.
HQ CountryUnited StatesUnited Arab EmiratesUnited StatesUnited States
HQ City
-
Dubai
Los Angeles, CA
Los Angeles, CA
Deal Date5 Jun 202415 Feb 202421 Nov 202320 Apr 2023
RoundStrategic investmentSeedSeries ESeries A
Raised$4M$3M$70M$5M
InvestorsHTC ViveCogitent Ventures; Jets Capital; Seedify; ChainGPT; Moonrock Capital; Cointelligence; KuCoinArgo Investments; Richard White; Perennial PartnersDisruptive; Kinoshita Group; The SpringHill Company; Fenway Sports Group
Valuationundisclosedundisclosed$530Mundisclosed
EV/Revenue
EV/EBITDA

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Epic Games Competitors

Epic Games competitors include listed companies like Oriental Pearl Group and Warner Bros. Discovery, and private ones like Spotter, Kakao Entertainment, Create Music Group and Quibi.

Public and private companies comparable to Epic Games
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SpotterUnited StatesLos Angeles, CAPrivate--$2B-
Kakao EntertainmentSouth KoreaSeongnamPrivate$1.2B-$7B5.8x
Oriental Pearl GroupChinaChinaPublicly listed$1.1B$296M$4.2B3.2x
Create Music GroupUnited StatesLos Angeles, CAPrivate--$2.2B-
QuibiUnited StatesUnited StatesPrivate--$1.8B-
Warner Bros. DiscoveryUnited StatesUnited StatesPublicly listed$37B$21B$71B2.8x

Epic Games Public Comps

Epic Games is still privately-owned, but its public comps include Roku, Liberty Media, Fox Corporation, Konami, EchoStar, News Corp, Zhejiang Century Huatong, NEXON, Baidu and Warner Music Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Roku$4.7B$436M4.4x3.9x47.7x32.1x
Liberty Media$4.5B$1.4B6.2x5.9x20.1x23.3x
Fox Corporation$17B$3B1.7x1.7x9.9x7.4x
Konami$3.2B$1.1B5.3x5.0x15.2x13.9x
EchoStar$15B($16B)3.0x3.1x(2.8x)21.5x
News Corp$9B$1.5B2.0x2.0x12.2x10.9x
Zhejiang Century Huatong$5.7B$1.2B2.5x2.2x12.2x9.0x
NEXON$3.1B$731M4.0x3.8x16.8x13.5x

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Common questions about Epic Games

When was Epic Games founded?Epic Games was founded in 1991.
Where is Epic Games headquartered?Epic Games is headquartered in Raleigh, NC, United States.
Is Epic Games publicly listed?No, Epic Games is a private, VC-backed company.
What is Epic Games' valuation?Epic Games was last valued at $23B in its strategic investment round in February 2024.
How much funding has Epic Games raised?Epic Games has raised $7.8B across 6 funding rounds.
What was Epic Games' last funding round?Epic Games' last funding round was a $1.5B strategic investment round in February 2024, led by Disney.
Who are Epic Games' investors?Epic Games' investors include Baillie Gifford, KKR, Fidelity, Sony, HOF Capital, BlackRock, Lightspeed Venture Partners, David Tepper, Manta Ray Ventures, ICONIQ Capital and 22 others.
What is Epic Games' revenue?Epic Games' latest recorded revenue is $5.7B (February 2024).
What is Epic Games' revenue multiple?Epic Games' latest valuation implies a 3.9x revenue multiple ($23B valuation on $5.7B of revenue).
Which companies are comparable to Epic Games?Companies comparable to Epic Games include Spotter, Kakao Entertainment, Oriental Pearl Group, Create Music Group, Quibi and Warner Bros. Discovery.
How many companies has Epic Games acquired?Epic Games has acquired 20 companies, including Loci, Aquiris, Bandcamp, Harmonix Music Systems and Sketchfab.
What was the largest acquisition by Epic Games?The $250M acquisition of Psyonix in May 2019 is the largest acquisition Epic Games has made to date.
How many companies has Epic Games invested in?Epic Games has invested in 13 companies, including WEVR, Exverse, Songtradr, Hana Kuma, Loci, Arcturus, Hadean and Aquiris.
What was Epic Games' last investment?In June 2024, Epic Games invested in WEVR's $4M strategic investment round alongside HTC Vive.

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