Founded by Seattle-based gaming studio Against Gravity in 2016, Rec Room is a free online virtual reality video game with an integrated game creation system that let’s players to build custom virtual spaces and games that can be played across various platforms
The game also recently launched the Creator Compensation program which is a revenue-share program that allows creators to monetize their creations through tokens (that are subsequently exchangeable for fiat currency like dollars) which has already paid out over $1M so far
With only being in existence for close to 6 years, the platform in 2022 now boasts a record 37 million users (primary users are between the ages of 13 and 16) with 450% growth in user count just in the last year alone.
Rec Room’s latest series funding in December 20201 led by Coatue Management with participation from existing investors Sequoia Capital, Index Ventures, and Madrona Venture Group managed to raise US$160M giving the company a total valuation of US$3.51Bn
The company is also the first official software Unicorn to emerge from the VR industry
Unicorns Companies on the PrimaryMarkets Platform:
- USA based Companies with an estimated market capitalisation in excess of US$1B.
- Trading in these securities entails compliance with USA regimes such as FINRA and SEC as well as possible ROFR (Right Of First Refusal) imposed by many Unicorns.
- All Traders must be Sophisticated, Professional, Institutional, Accredited Investors.
- Minimum trade size US$250,000
- Enterprise Value US$3.51Bn (Dec 2021)
- Funding Raised to Date US$310M
- Last Funding Series $US160M (Dec 2021))