Bloomberg is reporting that Epic Games Inc. is holding talks to raise a new round of funding between $500 million to $1 billion, seeking a valuation significantly higher than $15 billion.
The report is coming at a time that Houseparty, a face to face social network acquired by Epic last year for an undisclosed sum, has seen enormous growth during the current pandemic.
In 2012, founder Tim Sweeney sold 40% of the company to Tencent Holdings Ltd, and a group of investors bought $1.25 billion of Epic Games' shares for a valuation of $15 billion in 2018.