The round brings the gaming company’s valuation to US$28.7 billion. Epic’s CEO said the investment—to which Sony contributed US$200 million—will “help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys.” (The Logic)

Talking point: The round follows a US$1.78-billion raise in August 2020 at a US$17.3-billion valuation. Epic’s rapid value growth is a boon to the Ontario Teachers’ Pension Plan, which also participated in its August round. The company has benefited from the pandemic, as lockdowns drove the gaming industry’s revenue above the combined total of both the global movie business and North American sports in 2020. The funding comes as Epic prepares for a court hearing against Apple in May, in which Apple will have to defend kicking Fortnite off its App Store after the gamemaker skirted App Store fees, citing antitrust concerns. Epic is also suing Google in the U.S., U.K. and Australia over similar antitrust concerns related to the firm’s Play Store fees.