The world’s largest online gaming company is expected to raise a whopping $1 billion in new financing in its latest round of financing, sources familiar with the matter told Reuters on Thursday.
The $1bn round, led by Kleiner Perkins Caufield & Byers, was the largest such funding to date and was expected to close in the second half of the year, sources said.
Kleiner Perkins is the largest private equity firm in the world, and has been a major investor in games companies like Zynga, Rockstar Games and Riot Games.
The new round will also be used to finance new investments in gaming companies such as Activision Blizzard, Electronic Arts, Microsoft and Square Enix, according to sources.KLEINER PERKS CAGES TO CLOSE NEXT YEARThe funding comes on the heels of another round of funding last week by Kleinsa’s investment group.
The venture capital firm had raised $10.4 billion in funding in the previous two years.
In addition to the new financing, Kleiner has also begun to look for new partners.
The company said it is looking to expand into video game and entertainment distribution, but did not provide details.
The deal comes as the gaming industry has become increasingly focused on social media and augmented reality, which are seen as more promising as a way to bring people together for gaming and entertainment.
While Facebook and Google have already made a number of big bets in the sector, Kleinsaiers investments have mostly been in online games, which has attracted a lot of criticism because of their high price tag and slow adoption by users.