Jordan Bevan
Social gaming platform Rec Room announced that it has raised $100 million at a $1.25 billion valuation.
Founded in Seattle in 2016 by Bilal Orhan, Cameron Brown, Dan Kroymann, John Bevis, Josh Wehrly and Nick Fajt, Rec Room was launched as a free-to-play experience. According to Rec Room co-founder and CEO Nick Fajt, Rec Room has grown by 566 percent in 1 year, reaching 15 million players.
“We’ve had strong growth over the last 12 months,” Fajt said. “We think that Rec Room can become an enduring large business that fuses games and social. We think this can be one of those things that really impacts culture. We think it can be one of the biggest games in the world. And so we really want to invest in that future.”
Rec Room’s existing investors Sequoia Capital and Index Ventures led the funding round, with the participation of another existing investor Madrona Venture Group.
With the new funding round, the total investment the company has received so far has reached $ 149 million. Rec Room, which also has virtual reality support, is available for both game consoles, PC and mobile devices. 25% of Rec Room players prefer virtual reality glasses to play the game.
“It looks like an interesting challenge as we move forward in in AR and VR and I hope Rec Room can play a big role in defining what that looks like,” Fajt said.
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