Social gaming platform Rec Room said on Monday it fetched a valuation of $3.5 billion after raising $145 million in a funding round led by hedge fund Coatue Management, riding on the pandemic-fueled boom in digital entertainment.
The Seattle-based company, which allows users to create customizable and interactive gaming rooms, said it currently had more than 37 million people on its platform. It added that the number of monthly users had surged by nearly 450% since November 2020.
Founded in 2016, Rec Room’s free platform is available on mobile devices, game consoles, PCs and VR headsets. The company had last raised $100 million in March, when it was valued at $1.25 billion.
Read more/Source: Union Leader
