Rec Room is a social VR platform on which users can build their game worlds and communicate with each other. The company received $145 million from investors, as a result of which its valuation increased to $3.5 billion.
The leading investor was the hedge fund Coatue Management. Sequoia Capital, Index Ventures and Madrona Venture Group have also invested in Rec Room.
The current funding round is the eighth and largest for Rec Room. The last round took place in March. Then the platform raised $ 100 million, and its market valuation was $1.25 billion. According to the Crunchbase portal, Rec Room has raised $294 million in total to date.
The platform will spend the money received on further development.
“It’s amazing to watch Rec Room transform from a tiny collection of mini-games into a global platform with millions of user-created features. It has become a place where people come together, form communities and share their creativity,” said Nick Fajt, CEO of Rec Room. “We still have a lot to do. As we approach 2022, we plan to expand the capabilities of the platform, increase the number of tools for game development, enter new sites and invest in a powerful security system.”
The Rec Room opened in 2016. Now players without VR headsets can also use the platform. It is available on smartphones, PCs, as well as Xbox and PlayStation consoles.
The total audience of the Rec Room is 37 million people. The company did not specify how many of them are active users, but it is known that since last November, the platform’s MAU has increased by 450%. At the same time, the number of mobile users grew the fastest — there were ten times more of them. Note that Rec Room has been fully released on mobile recently. Until August of this year, it was not on Android.