Rec Room, the social VR platform, introduced it has secured a $100 million financing spherical, bringing the corporate’s valuation to $1.25 billion. This makes it one of the priceless VR firms exterior of platform holders Fb, Valve, and HTC.
Chatting with the Wall Avenue Journal, Rec Room reveals its largest spherical thus far was led by Sequoia Capital and Index Ventures, and consists of Madrona Enterprise Group, all of that are present buyers.
This brings the Seattle-based firm’s lifetime financing to $149 million following its most up-to-date spherical in December 2020 when the corporate secured its $20 million Sequence C.
Though free to obtain, one of many platform’s largest monetization methods is undoubtedly promoting tokens, which can be utilized to purchase in-game merch and entry to user-generated content material. There’s additionally a ‘Plus’ membership subscription which features a regular provide of spendable tokens and reductions on sure in-game objects.
In latest months nevertheless, Rec Room has additionally allowed Plus members to create objects and rooms for the sport and promote them for a type of ‘premium token’ which might then be exchanged into actual money. Briefly, the corporate is laying the groundwork for a functioning financial system, whereby its customers make investments time into constructing extra worth into the platform whereas incomes actual cash.
With over a million month-to-month lively VR customers and plenty of extra becoming a member of on conventional consoles, cellular units, and PC, Rec Room is effectively positioned to make it occur. Now with substantial enterprise capital behind them, the corporate has extra leeway to broaden on its emergent financial system, possible with goals much like the type of wealth creation seen in Second Life. For now, the studio says it hopes to pay out $1M in actual money to creators in 2021 by way of its token change program.
Oh, and in case you had been questioning, Rec Room is hiring.
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