3 min read
20 Dec

Rec Room, a social VR platform, has closed a fresh round of funding to bring the year to a close. The Seattle-based startup announced today that it has raised a new $145 million round of funding, bringing its total valuation to $3.5 billion. Existing investors Sequoia Capital, Index Ventures, and Madrona Venture Group also took part in the funding round, which was led by Coatue Management. This follows a $100 million raise in March, which pushed the company's valuation to a staggering $1.25 billion, making it the first of its kind to achieve "unicorn" status. The latest round of funding brings the company's total funding to $294 million, valuing it at $3.5 billion.

Rec Room, which was first released on Steam in 2016 for both VR and flatscreen play, has developed significantly over the years, going from a social VR platform focused solely on first-party content and mini games to something much more akin to Roblox, focusing heavily on user-generated content—the company claims there are now over 12 million user-generated rooms.

Although first-party content, such as the recently released 'Rec Rally' mini-game, remains a major draw, users can also earn real money by creating cool and interesting things. Rec Room's burgeoning economy, which began this year with a creator program, is based on in-game objects and mini-games. Trusted creators can use it to sell in-game creations for the game's premium token currency, which can then be converted back to fiat money.

“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 Nick Fajt, Rec Room co-founder and CEO.

"There's still so much more we want to do, and 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 as we head into 2022." The platform has grown significantly in recent years in order to reach the largest potential audience.

Rec Room, a free app, supports not only Meta Quest, PSVR, and Steam VR headsets but also Android, iOS, PlayStation 4/5, Xbox Series X, Xbox One, PC via Steam, and other traditional gaming platforms and mobile devices.

article by Amit Caesar:

You should also check out the following articles:

  1. What is the metaverse? and how does it work?
  2. A meta market opportunity: The metaverse could soon be worth $1 trillion
  3. Facebook wants to build a metaverse. Microsoft is creating something even more ambitious.
  4. How to succeed in the virtual reality world of tomorrow?
  5. Books you must read about virtual reality
  6. Best New Augmented Reality Books To Read In 2021
  7. US$ 4.7 Billion- The global augmented reality gaming market
  8. The smart glasses revolution is about to get real
  9. Consumer Brands Reinventing Marketing in the Metaverse
  10. Imagine Making Money in Rec Room

You should also check out the following articles:

  1. Apple has a job opening for a "Next-Gen" AR/VR Engineer.
  2. Cisco and Google have teamed up to help shape the future of hybrid work.
  3. Will Elon Musk implant chips in humans in 2023 ?
  4. According to reports, Apple's AR/VR headset will be available in 12 months and will be more powerful than a Mac.
  5. A meta market opportunity: The metaverse could soon be worth $1 trillion

  6.  We expected apple to be a "game changer" in Augmented Reality, according to Morgan Stanley.
  7. The'metaverse' was predicted in this 29-year-old book, and some of Facebook's plans are eerily similar.  
  8. Metaverse’s Cryptocurrency Leaps in Price After Facebook Rebrands as Meta
  9. Bill Gates predicts work in virtual space in two years  
  10. Real money for virtual land The metaverse's new gold rush

Subscribe now to our YouTube channel

Subscribe now to our Facebook Page

Subscribe now to our twitter page

Subscribe now to our Instagram

Subscribe To my personal page on linkedin

Subscribe To my personal page on tiktok page for those who love to dance :)

Want to know what else is going to be in the coming years? Follow me. Follow the future. Sign up for my friend's letter.

google.com, pub-8111887562940531, DIRECT, f08c47fec0942fa0
* The email will not be published on the website.