Fortnite maker Epic Games to raise around $1.7 billion in next round of funding

Epic Games is looking to raise as much as $1.7 billion for its next round of funding through existing and new investors. With this, the evaluation of the company will reach an estimated $28 billion.

Epic Games Inc., known to the world as the maker of the hugely popular game Fortnite, is planning to raise another round of funding. Reports indicate that the company is in the final stages of raising as much as $1.7 billion for the round. The funding, if locked on, will value the company at a whopping $28 billion, a report by Bloomberg states, citing people close to the matter. At present, the company has already ensured a commitment of more than $1 billion, the report indicates. The enormous capital will be provided by the firm's existing investors and some mutual funds. Some of these backers of the firm that are also interested in the next round are Fidelity Investments, Franklin Templeton and T. Rowe Price Group Inc.