Rec Room Raises $145 Million at $3.5 Billion Valuation for Tech Industry

Rec Room is an augmented and virtual reality software company as well as a videogames company. The company focuses on developing AR, VR, social, and multiplayer experiences.

The funding round was led by Coatue Management. Already existing investors also took part in the round, among them are Sequoia Capital, Index Ventures, and Madrona Venture Group. The money raised will be spent on developing tools that allow users to create their experience on mobile devices, PC, consoles, and VR headsets.

Rec Room, headquartered in Seattle, was founded by Nick Fajt, Cameron Brown, Dan Kroymann, Bilal Orhan, Josh Wehrly, and John Bevis in 2016. Nick Fajt, the CEO, previously was a program manager at Microsoft. In March the platform users’ number was around 2 million, as of now, this figure has increased up to 37 million. The key aspect of the success that Rec Room is not only about creating and playing games, but also about virtual space for hanging out beyond the gameplay. “The platform has become a place where people can come together to form meaningful connections, build communities, and share their creativity,” said Nick Fajt.

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