Rec Room, a Seattle, WA-based gaming platform for user-generated content, closed a $100m in funding round, bringing its valuation to $1.25 billion.
The round was led by existing investors Sequoia Capital and Index Ventures with participation from existing investor Madrona Venture Group.
The company intends to use the funds to continue to expand its business reach.
Led by Co-Founder and CEO Nick Fajt, Rec Room has over 5M rooms to explore with friends. These rooms, which can be accessed via VR headsets, game consoles, PCs, and mobile devices, are built by players inside of Rec Room leveraging their creative tools. Users can party up with friends worldwide, and build everything from escape rooms to adventure games, battle royale islands to birthday parties. To date, over 2M players have created content inside the app and this number continues to grow with incentives such as the Creator Compensation program, which will pay out more than $1 million to creators during 2021.
Beyond gaming, the platform has become the go-to place for digital hangouts, creative classes, adventures with friends, office build-outs, weddings, and more. Free to download and play, it is available on iOS, Xbox, PlayStation, Oculus, and Steam.