Social Gaming Platform Rec Room Raises $145 Million at a $3.5 Billion Valuation

- Rec Room, the leading social gaming platform for user generated content, announced the close of $145 million in new funding, bringing the company's total valuation to $3.5 billion . This follows a capital raise earlier this year, in which the company raised $100 million and became the first VR company to reach unicorn status with a valuation of $1.25 billion . This latest round was led by Coatue Management, with participation from existing investors Sequoia Capital, Index Ventures and Madrona Venture Group.

Launched in 2016, Rec Room has now enabled over 37 million people around the world to connect and create. The free platform enables people to create and immerse themselves in highly-customizable, interactive rooms, or digital hangouts. With over 12 million rooms and counting, Rec Room has created a space that promotes human connection where community members can interact, build, create and play games. Rec Room's monthly user count jumped nearly 450% since November 2020 with mobile users increasing more than tenfold during that same time. Free to play, Rec Room is available on mobile devices, game consoles, PC and VR headsets, including iOS, Android, Xbox, PlayStation, Oculus, and Steam.

"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. The platform has become a place where people can come together to form meaningful connections, build communities, and share their creativity," said Rec Room Co-Founder and CEO Nick Fajt . "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."

This year has been a significant year of growth for Rec Room . In August, Rec Room launched on Android, making the immersive world available to Android's +2.5 billion users. In September, Rec Room launched Rec Rally, a fully-realized, multiplayer vehicle experience to its massive global community, enabling players to race with up to six friends. By leveraging Rec Room's intuitive suite of creative tools, the possibilities are endless as users can design immersive digital hangouts for friends to gather and interact. Rec Room welcomes users of all skill sets and interests, with casual spaces for newer users to hang out, as well as opportunities for more experienced users to leverage their skills and earn money selling their creations inside of Rec Room . Rec Life in the metaverse is second nature for Rec Room's user base, and has become a place for everything from small gatherings to play games, to virtual weddings and business meetings – it's truly customizable to each user's needs.

"We love the world Rec Room has created for friends to build and play together," said Matt Mazzeo of Coatue Management. "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."

FINAL RELEASE
Free to download and play, Rec Room is available to download for Android, iOS, PlayStation 4/5, Xbox Series X, Xbox One, PC via Steam, Oculus Quest, and more. To learn more about the platform and its upcoming initiatives, please visit recroom.com .

About Rec Room
Rec Room is a vast world packed with endless possibilities. Play dodgeball, attend a wedding, or just goof off. And if you can't find what you're looking for then you can build it yourself! Users can party up with friends from all around the world to chat, hang out, explore millions of player-created rooms, or build something new and amazing to share. Rec Room is free, and cross plays on everything from phones to consoles to VR headsets.

View original content to download multimedia: https://www.prnewswire.com/news-releases/social-gaming-platform-rec-room-raises-145-million-at-a-3-5-billion-valuation-301448340.html

SOURCE Rec Room

News Provided by PR Newswire via QuoteMedia

GAMING00
The Conversation (0)
East Side Games

The Office: Somehow We Manage Mobile Game Available Now

East Side Games Group (TSX: EAGR) (OTC: EAGRF) (" ESGG " or the " Company "), Canada's leading free-to-play mobile game group, in collaboration with Universal Games and Digital Platforms, announced today the worldwide launch of The Office: Somehow We Manage on iOS and Android. The free-to-play idle game is inspired by NBC's critically acclaimed, Emmy® Award-winning U.S. version of The Office which is now streaming exclusively on Peacock.

Watch the launch trailer here .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
NorthStar Gaming Holdings (TSXV:BET)

NorthStar Gaming Holdings


Keep reading...Show less
Person holding phone that says "GameStop" in front of stock trading charts.

GameStop Frenzy Cools, E*Trade Considers Roaring Kitty Ban

GameStop (NYSE:GME) continues to cool following a trading frenzy that drove shares up by 75 percent between the close of trading last Friday (May 31) and the start of trading on Monday (June 3).

The brief rally, which took GameStop shares to US$40.09 on Monday morning, was sparked by a Reddit (NYSE:RDDT) post made late Sunday (June 2) by an account tied to the video game retailer's most prominent supporter, Keith Gill.

Gill, who ignited the meme stock craze in 2021 and is known as Roaring Kitty on other platforms, posted a screenshot on Reddit's Superstonk subreddit that shows a purported US$175 million position in GameStop shares and call options.

Keep reading...Show less
Cell phone showing GameStop stock chart.

GameStop Surges Over 70 Percent in Flashback to 2021 Frenzy

Over three years after the infamous GameStop (NYSE:GME) short squeeze, the American retailer’s share price skyrocketed as much as 110 percent on Monday (May 13) before pulling back to a more than 70 percent gain.

The surge came on the heels of a social media post by "Roaring Kitty," also known as Keith Gill. His first online appearance since 2021 has reignited memories of the meme stock frenzy that captivated markets in 2021.

Gill, who gained notoriety for his bullish stance on GameStop, posted a meme on X (formerly Twitter) depicting a focused video gamer. It received widespread attention, accumulating over 81,000 likes and 9,000 comments in just a few hours.

Keep reading...Show less
NorthStar Gaming Chairman and CEO Michael Moskowitz.

NorthStar Gaming Leverages Content to Create Engaged, Active Players, CEO Says

NorthStar Gaming (TSXV:BET,OTCQB:NSBBF) is leveraging its rich, compelling content to better engage its customers, which ultimately leads to higher revenue, said NorthStar Chairman and CEO Michael Moskowitz, following an earlier announcement that the company is rolling out enhancements to the Sports Insights content on its platform.

“From the time that we founded NorthStar Gaming, we took the view that providing compelling content would lead to higher engagement with our customers,” he said. "And we're finding just that. We're planning to launch Sports Insights 2.0 in the first half of 2024 with redesigned sports and homepages, live scoreboards and tickers, live odds, trending topics and a greater tie-in in terms of the player journey and promotional offers that we provide to them."

Moskowitz noted that leveraging content helps attract new customers, with several media organizations using the company’s content on their own sites. “Ultimately, these articles and this content will help to create awareness around the NorthStar Bets brand and platform, and ultimately drive traffic to our site, which will convert into revenue.”

Keep reading...Show less
hand touching phone

Game-changing Prospects for the iGaming Market

iGaming has grown considerably in recent years. Driven by innovations in web technology and a changing regulatory landscape, online casinos and sportsbooks are more popular than ever.

To understand how the landscape may change moving forward, investors should assess how the industry has evolved in recent years.

Keep reading...Show less
smartphone on podium

Top Trends Shaping the Canadian iGaming Market

From emerging technologies to evolving regulations, the trajectory of iGaming has changed substantially in recent years as the market has experienced significant growth.

In 2022, Ontario's provincial government introduced game-changing legislation that established a regulatory framework for iGaming. Due to this legislation, regulated iGaming successfully displaced the unregulated market, according to Attorney General Doug Downey, creating over 1.6 million active player accounts across more than 70 operator websites as of April 2023 — just over one year following the change.

Ontario's regulation has also laid the groundwork for widespread change in the iGaming space across Canada. As iGaming continues to evolve, it's important to have a deeper understanding of both new and existing trends that will shape the industry's future, as well as regulations.

Keep reading...Show less

Latest Press Releases

Related News

×