Rec Room raises $145m, valued at $3.5bn
Against Gravity's UGC title more than doubles in value following another cash injection
Social gaming platform Rec Room raised $145 million in a funding round, bringing its total valuation to $3.5 billion.
The round was led by Coatue Management, with participation from existing investors Sequoia Capital, Index Ventures and Madrona Venture Group.
Founded in 2016, developer Against Gravity initially created Rec Room for VR platforms, but the social title has since moved onto PlayStation, Xbox, iOS and Android.
"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," said Rec Room co-founder and CEO Nick Fajt.
"The platform has become a place where people can come together to form meaningful connections, build communities, and share their creativity. 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."
Back in March, the company closed a $100 million funding round, upping its valuation to $1.25 billion.