Epic Games is close to raising $750 million in an upcoming round of funding at a valuation of $17 billion, Bloomberg reported Monday. The company's valuation is up from $15 billion in 2018.
T. Rowe Price Group Inc. and Baillie Gifford will invest for the first time in this round of funding, per Bloomberg's sources, which asked not to be identified as details of the deal were not public. Several previous investors will also participate, including KKR & Co.
Epic Games, Baillie Gifford, KKR & Co., and T. Rowe Price Group Inc. declined to comment for Bloomberg's story.
Epic Games is best known for developing and publishing Fortnite, one of the most popular video games in the world. The company also develops and licenses the ubiquitous Unreal Engine development kit, and it purchased the networking app Houseparty in June 2019.
Founder Tim Sweeney sold 40% of Epic Games to Tencent Holdings Ltd. in 2012. The Walt Disney Co., aXiomatic Gaming LLC and Endeavor Group Holdings Inc. also hold minority stakes.