Epic Games Revenue, Valuation, Funding & Investors

Epic Games is valued at $23B as of February 2024, a 3.9x revenue multiple. Epic Games revenue was $5.7B, as disclosed with its latest round.

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

Epic Games Overview

About Epic Games

Epic Games is an American video game and software developer and publisher based in Cary, North Carolina. It makes Fortnite, whose free-to-play Battle Royale mode launched in September 2017 on computers, consoles and mobile devices, as well as the Unreal and Gears of War series, and develops Unreal Engine, a commercially licensed game engine used by other developers. The company earns revenue from in-game purchases in its own titles, licence fees and royalties on Unreal Engine, and the Epic Games Store, a PC storefront launched after Fortnite's success. It owns the studios Psyonix, Mediatonic and Harmonix. Tim Sweeney founded the business as Potomac Computer Systems in 1991 in Potomac, Maryland; it became Epic MegaGames in 1992 and took the Epic Games name after moving to Cary in 1999. Sweeney remains the controlling shareholder with about 41.4%, while Tencent, which bought 40% of the company in 2012, holds about 28%, The Walt Disney Company about 9%, Sony 5.4% and Kirkbi 3.2%. Epic reported revenue of about $6 billion in 2022, was valued at $32 billion in April 2022 and employs more than 4,000 people.


Founded

1991

HQ

United StatesCary, 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. Read the announcement ↗

The $1.5B round was led by Disney.

Epic Games' valuation has grown 27x from $825M at its strategic investment round in June 2012 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$29B5.6x
Jul 2020Undisclosed stage$17B4.1x
Oct 2018Undisclosed stage$15B2.7x
Jun 2012Strategic investment$825M-

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 $5.6B in October 2018 to $5.7B in February 2024, while the revenue multiple moved from 2.7x 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
Apr 2021$5.1B$29B5.6xUndisclosed stage
Jul 2020$4.2B$17B4.1xUndisclosed stage
Oct 2018$5.6B$15B2.7xUndisclosed 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 $7.9B across 6 funding rounds.

Epic Games' first fundraising round was a $330M strategic investment round in June 2012. 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)$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; KKR; Fidelity; Luxor Capital Group; Ontario Teachers' Pension Plan; GIC; T. Rowe Price; Altimeter Capital; Sony; BlackRock; Appaloosa Management; AllianceBernstein; Franklin Templeton; Park West Asset Management$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.
Jul 2020Undisclosed stageBaillie Gifford; KKR; David Tepper; Fidelity; Ontario Teachers' Pension Plan; T. Rowe Price; Sony; BlackRock; Lightspeed Venture Partners; Smash Ventures$1.8B$17BEpic Games announced a USD1.78 billion financing on August 6, 2020, combining newly issued capital with purchases from employee shareholders. The completed round valued Epic at USD17.3 billion on a post-money equity basis. Other participants were Baillie Gifford, BlackRock-managed funds and accounts, Fidelity, Lightspeed Venture Partners, Ontario Teachers’ Pension Plan, T. Rowe Price-advised funds and accounts, David Tepper, KKR and Smash Ventures. Founder and chief executive Tim Sweeney retained control, and the company continued to have one class of common shares. Epic intended to develop its real-time 3D technology, online services and digital distribution business. Its products included Fortnite, Unreal Engine and the Epic Games Store. The announcement did not provide a verified allocation between primary and secondary capital or contemporaneous revenue and EBITDA figures.
Oct 2018Undisclosed stageKKR (lead); Vulcan Capital (lead); ICONIQ Capital; Kleiner Perkins; Lightspeed Venture Partners; 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.
Jun 2012Strategic investmentTencent (lead)$330M$825MIn June 2012 Tencent Holdings agreed to invest USD 330 million in Epic Games for approximately 48.4% of the company's then-issued share capital, equal to about 40% of Epic on a fully diluted basis including employee stock options, implying a valuation of roughly USD 825 million. The investment was announced on 19 June 2012 as a strategic minority stake; Epic continued to operate independently under founder Tim Sweeney, who retained control, and Tencent received the right to nominate directors, with two representatives joining the board. The amount was disclosed in Tencent's annual report the following March. It was Tencent's second major US games investment after Riot Games and gave Epic the capital to move from the boxed-game model of Gears of War towards a free-to-play, games-as-a-service strategy that later produced Fortnite. Epic Games, founded in 1991 and based in Cary, North Carolina, develops the Unreal Engine and Fortnite and operates the Epic Games Store. Tencent remained Epic's largest outside shareholder through the company's later financing rounds.

Who has invested in Epic Games?

24 investors have backed Epic Games across its funding rounds, including KKR, Sony, Lightspeed Venture Partners, Fidelity, BlackRock and T. Rowe Price.

Lead investors include Disney, KIRKBI, Sony, KKR, Vulcan Capital and 1 other investor.


Epic Games Investors

Investors in Epic Games by funding rounds participated
InvestorHQRoundsRoleFirst check
KKRUnited StatesNew York City, NY3LeadOct 2018
SonyJapanTokyo3LeadJul 2020
Baillie GiffordUnited KingdomEdinburgh2ParticipantJul 2020
FidelityUnited StatesBoston, MA2ParticipantJul 2020
Ontario Teachers' Pension PlanCanadaToronto2ParticipantJul 2020
T. Rowe PriceUnited StatesBaltimore, MD2ParticipantJul 2020
BlackRockUnited StatesNew York City, NY2ParticipantJul 2020
Lightspeed Venture PartnersUnited StatesSan Francisco, CA2ParticipantOct 2018
Smash VenturesUnited StatesLos Angeles, CA2ParticipantOct 2018
David TepperUnited StatesPittsburgh, PA1ParticipantJul 2020
ICONIQ CapitalUnited StatesSan Francisco, CA1ParticipantOct 2018
DisneyUnited StatesLos Angeles, CA1LeadFeb 2024
Kleiner PerkinsUnited StatesMenlo Park, CA1ParticipantOct 2018

This data is available for Pro users. Sign up to see all 24 Epic Games investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

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

This data is available for Pro users. Sign up to see all Epic Games acquisitions and their M&A valuation multiples.

Start Free Trial

Investments by Epic Games

Epic Games has invested in 15 companies to date.

Latest investment by Epic Games was on November 18th 2024. Epic Games invested in Fulwell 73 in their $40M Undisclosed stage round.


Latest Investments by Epic Games

Fulwell 73
WEVR
Exverse
Songtradr
Description
Fulwell 73 is a London-based television, film and music production company founded in 2005 by brothers Gabe and Ben Turner, Leo Pearlman and Ben Winston; James Corden joined as a fifth partner in January 2017. Its name honours Sunderland AFC, referring to Roker Park's Fulwell End stand and the club's 1973 FA Cup win. The company makes scripted comedy, factual entertainment, sport and music programming for broadcasters and streaming platforms, as well as TV advertisements and music videos, and has offices in London, Los Angeles and Sunderland. Its credits include The Late Late Show with James Corden (2015-2023), Carpool Karaoke: The Series, the Grammy Awards broadcast since 2021, The Kardashians, the Netflix documentary series Sunderland 'Til I Die, and films such as The Class of '92, I Am Bolt, One Direction: This Is Us and the 2021 Cinderella. Its investors included Valence Media (later MRC), whose Fulwell 73 stake was later taken over by Eldridge. In November 2024 Fulwell 73 agreed to merge with The SpringHill Company, and the combination closed in February 2025 under the Fulwell Entertainment umbrella, with Leo Pearlman and Maverick Carter as co-CEOs.
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.
HQ CountryUnited KingdomUnited StatesUnited Arab EmiratesUnited States
HQ City
London
-
Dubai
Los Angeles, CA
Deal Date18 Nov 20245 Jun 202415 Feb 202421 Nov 2023
RoundUndisclosed stageStrategic investmentSeedSeries E
Raised$40M$4M$3M$70M
InvestorsUC Investments; Nike; Main Street Advisors; Fenway Sports Group; Eldridge Industries; RedBird Capital PartnersHTC ViveCogitent Ventures; Jets Capital; Seedify; ChainGPT; Moonrock Capital; Cointelligence; KuCoinArgo Investments; Richard White; Perennial Partners
Valuationundisclosedundisclosedundisclosed$530M
EV/Revenue
EV/EBITDA

This data is available for Pro users. Sign up to see all Epic Games investments and their VC round multiples.

Start Free Trial

Epic Games Competitors

Epic Games competitors include listed companies like Oriental Pearl Group, NetEase and Bilibili, and private ones like Spotter, Kakao Entertainment and Create Music Group.

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$298M$3.7B2.8x
Create Music GroupUnited StatesLos Angeles, CAPrivate--$2.2B-
NetEaseChinaChinaPublicly listed$17B$5.9B$72B2.8x
BilibiliChinaChinaPublicly listed$4.6B$468M$5.3B0.6x

Epic Games Public Comps

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

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Konami$3.1B$1.1B6.6x6.0x18.9x16.0x
Liberty Media$4.5B$1.4B6.1x5.8x19.8x22.7x
Roku$4.7B$436M4.4x3.8x48.0x29.7x
Fox Corporation$17B$3B1.7x1.7x9.7x7.2x
Baidu$19B$3.3B1.1x1.1x6.5x7.0x
EchoStar$15B($16B)3.0x3.2x(2.8x)20.6x
News Corp$9B$1.5B2.0x1.9x11.8x10.5x
Warner Music Group$6.7B$1B3.1x2.8x20.0x11.6x

This data is available for Pro users. Sign up to see all Epic Games competitors and their valuation data.

Start Free Trial

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 Cary, 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 $7.9B 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 KKR, Sony, Baillie Gifford, Fidelity, Ontario Teachers' Pension Plan, T. Rowe Price, BlackRock, Lightspeed Venture Partners, Smash Ventures, David Tepper and 14 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, NetEase and Bilibili.
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 15 companies, including Fulwell 73, WEVR, Exverse, Songtradr, Hana Kuma, Loci, Arcturus and Hadean.
What was Epic Games' last investment?In November 2024, Epic Games invested in Fulwell 73's $40M undisclosed-stage round alongside UC Investments, Nike, Main Street Advisors and 3 other investors.

See companies similar to Epic Games

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial