Rec Room, the social VR platform, announced it has secured a $100 million financing round, bringing the company’s valuation to $1.25 billion. This makes it one of the most valuable VR companies outside of platform holders Facebook, Valve, and HTC.

Speaking to the Wall Street Journal, Rec Room reveals its largest round to date was led by Sequoia Capital and Index Ventures, and includes Madrona Venture Group, all of which are existing investors.

This brings the Seattle-based company’s lifetime financing to $149 million following its most recent round in December 2020 when the company secured its $20 million Series C.

Although free to download, one of the platform’s largest monetization strategies is undoubtedly selling tokens, which can be used to buy in-game merch and access to user-generated content. There’s also a ‘Plus’ membership subscription which includes a steady supply of spendable tokens and discounts on certain in-game items.

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In recent months however, Rec Room has also allowed Plus members to create objects and rooms for the game and sell them for a sort of ‘premium token’ which can then be exchanged into real cash. In short, the company is laying the groundwork for a functioning economy, whereby its users invest time into building more value into the platform while earning real money.

With over one million monthly active VR users and many more joining on traditional consoles, mobile devices, and PC, Rec Room is well positioned to make it happen. Now with substantial venture capital behind them, the company has more leeway to expand on its emergent economy, likely with aims similar to the sort of wealth creation seen in Second Life. For now, the studio says it hopes to pay out $1M in real cash to creators in 2021 through its token exchange program.

Oh, and in case you were wondering, Rec Room is hiring.

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  • Rec Room’s makin’ some bank! Glad they spend so much of that money not only paying their devs but also pouring resources back into the game itself. It’s one of the best VR games, period.

    • Adrian Meredith

      Shame they can’t spend that money on making it perform better on quest

      • Rex Thorne

        No PCVR game with user generated content is going to do well ported to Quest. There’s plenty of other content for people who don’t want to spend the money on a VR PC.

      • Lisa Owens

        Get $192 per h from Google~a1353~ Yes this can be best since I simply got my initial payroll check of $24413 and this was just of a one week…I have aslo purchased my good BMW M5 right after this payment…~a1353~ it is really best job I have even had and you will not for~give yourself if you do not check it >>>> https://yx.si/mid ❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤

  • Jesusaves

    Congratulations to these guys. I’ve supported them from the very earliest beginning beta, some six years ago.

  • guest

    A million monthly active VR users comes out to about 23 users at any given minute. Just more cooked numbers!

    • PK

      maybe if there was absolutely zero overlap between them, and a computer scheduled their play sessions. i don’t use rec room much but i assume there’s a lot of users that spend hours in there weekly or even daily.

      • Fred Johnson

        Guest.. that isn’t how math or statistics work. :P

        That is like saying, “2 people live in this house every month, therefore there are only 0.00277 people in this house any given minute! Just more cooked numbers!”

  • Compliments to the first VR unicorn!