Fortnite developer Epic Games secures $1.78 billion in funding

Epic Games has secured $1.78 billion in fresh funding that takes the company's post-money equity valuation to $17.3 billion. 

The Fortnite and Unreal Engine developer explained the cash injection consists of primary capital and secondary purchases from employee equity holders. 

As noted in a press release, the round also includes the previously announced $250 million strategic investment from Sony, which reportedly granted the PlayStation maker a 1.4 percent stake in Epic. 

Following the deal, Epic will continue to have only a single class of common stock outstanding, and will remain under the control of founder and CEO, Tim Sweeney.