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'Fortnite' developer Epic Games raises $1.78 billion

FILE PHOTO: An attendee stops to text next to Epic Games Fortnite sign at E3, the annual video games expo revealing the latest in gaming software and hardware in Los Angeles, California, U.S., June 12, 2019. REUTERS/Mike Blake

(Reuters) - Epic Games, the creator of the popular video game “Fortnite” said on Thursday it has raised $1.78 billion in its latest funding round, taking the company’s valuation past $17 billion.

The latest funding round includes the $250 million investment from Japan's Sony Corp 6758.T 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.

Epic, which also developed the game engine "Unreal", said the latest round included funds managed by BlackRock Inc BLK.N and Ontario Teachers' Pension Plan Board. (bwnews.pr/2DAWidI)

Reporting by Neha Malara in Bengaluru; Editing by Shounak Dasgupta

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