DoubleDown Interactive (NASDAQ: DDI) ("DoubleDown" or the "Company"), a leading developer and publisher of digital social casino games, announced today that it has recently completed a $1.5 million investment in Epic Games. Epic Games is a leading interactive entertainment company and provider of 3D engine technology.
Epic Games operates Fortnite, one of the world's largest games with over 350 million accounts and 2.5 billion friend connections. Epic Games also develops Unreal Engine, which powers the world's leading games and is also adopted across industries such as film and television, architecture, automotive, manufacturing, and simulation. Epic Games' global hit Fortnite, released in 2017, recently drew attention as a representative metaverse platform, along with other games such as Roblox, Minecraft, and ZEPETO.
DoubleDown participated in the Epic Games investment through a venture fund led and managed by Gorilla PE and NCore Ventures and many major Korean internet or gaming companies. DoubleDown has been evaluating opportunities within the greater metaverse and believes this investment presents a compelling opportunity to gain business exposure.
"This was an opportunistic investment for the Company that was generated by our partners in Korea and allows us to gain exposure to the rapidly growing metaverse, while we also continue to evaluate M&A opportunities that would be complementary to our core business," said In Keuk Kim, Chief Executive Officer of DoubleDown.