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Rec Room raises $100 million in funding at $1.25 billion valuation

The investment values the free-to-play social experience at $1.25 billion and will be used to continue expanding the game beyond its VR roots.

Player-led social gaming platform Rec Room has secured $100 million in funding. 

As reported by VentureBeat, the investment values the free-to-play social experience at $1.25 billion and will be used to continue expanding the game beyond its VR roots.

Rec Room currently has 15 million lifetime users, and according to CEO Nick Fajt witnessed revenue growth of 566 percent over the past year. 

Although it started out with a clear focus on the VR market, Rec Room has since been made available on other platforms including console, PC, and mobile devices. It supports cross-platform play, letting users socialize and play with friends irrespective of their platform of choice.

Speaking to VentureBeat, Fajt said "VR is still a very important part of what we do" at Rec Room -- noting the title is still a "top two or top three" VR application -- but that the company wants to continue making progress on other platforms.

"We’re seeing growth on game consoles and iOS. There are some interesting headsets coming, and we saw a nice big audience on Oculus Quest 2," continued Fajt. 

"We think that Rec Room can become an enduring large business that fuses games and social. We think this can be one of those things that really impacts culture. We think it can be one of the biggest games in the world. And so we really want to invest in that future."

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