Social app Rec Room raises $145 million

Rec Room has raised $145 million for its social VR platform of the same name, bringing the company's lifetime raised to somewhere in the ballpark of $294 million.

Rec Room is largely known for its roots as a VR social app but has since expanded to nearly major platform possible, including smartphones and current generation consoles.

Boasting a lifetime userbase of 37 million and a 450 percent MAU jump since November 2020, Rec Room now leads with a user-generated content foot and says over 12 million "rooms" have been created within its platform since its inception.

"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,” reads a statement from CEO and co-founder 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 latest round of funding was led by Coatue Management, with existing investors Sequoia Capital, Index Ventures, and Madrona Venture Group chipping in as well. All in all, this latest round brings the company's valuation to $3.5 billion, up from $1.25 billion earlier this year.