Rec Room valued at $3.5bn after raising $145m

The social gaming platform Rec Room has received $145m in new funding, raising the valuation of Rec Room Inc. to $3.5m after crossing the threshold of $1bn earlier this year. 

Rec Room Inc. co-founder and CEO Nick Fajt enthused: “It’s been amazing to watch Rec Room grow from a tiny collection of mini-games into a global platform with millions of experiences built by the community. There’s still so much more we want to do, and as we head into 2022, we’re excited to build more experiences, expand to new platforms, invest in best in class trust and safety systems, and continue to expand our creator tools.” 

Predominantly seen as a VR platform, Rec Room has since become available for PlayStation, Xbox, iOS and Android, and claims to have serviced 37m users globally since 2016. How many of those users are currently active is unknown, but Rec Room says that its user base has grown 450% in the 12 months to November 2021, with mobile experiencing the largest growth – unsurprisingly since Rec Room only launched for Android in August.

“We love the world Rec Room has created for friends to build and play together,” said Matt Mazzeo of Coatue Management, which led the latest round of funding. “From phones to VR, millions of players are hanging out in Rec Room, and we’re excited to partner with the team as they make the digital world more fun and immersive.”