DoubleDown Interactive invests in Epic Games to tap into the Metaverse.
DoubleDown Interactive (NASDAQ: DDI) (“DoubleDown” or the “Company”), a leading developer and publisher of digital social casino games, announced today that it has invested $1.5 million in Epic Games.
Epic Games is a leading provider of 3D engine technology as well as an interactive entertainment company.
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Epic Games is the creator of Fortnite, one of the most popular video games in the world, with more than 350 million accounts and 2.5 billion friend connections.
Epic Games also creates the Unreal Engine, which powers some of the world’s most popular games and is used in a variety of industries including film and television, architecture, automotive, manufacturing, and simulation.
Epic Games’ global smash hit Fortnite, which debuted in 2017, has recently gained traction as a representative metaverse platform, alongside Roblox, Minecraft, and ZEPETO.
Through a venture fund led and managed by Gorilla PE and NCore Ventures, as well as a number of major Korean internet or gaming companies, DoubleDown participated in the Epic Games investment.
DoubleDown has been evaluating opportunities in the larger metaverse and believes that this investment offers a compelling opportunity to gain business exposure.
“This was an opportunistic investment for the Company that was generated by our Korean partners and allows us to gain exposure to the rapidly growing metaverse, while we continue to evaluate MandA opportunities that would be complementary to our core business,” said DoubleDown CEO In Keuk Kim.
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