Rec Room Raises $145M Series F Financing
Gunderson Dettmer represented client Rec Room, a gaming platform, in a $145 million Series F financing led by Coatue Management. Rec Room is a free-to-download-and-play social gaming platform that provides a virtual social space for users to hang out beyond gameplay. The new capital brings the company valuation to $3.5 billion and will be used to continue building out tools that enable gamers to create immersive experiences across mobile devices, consoles, and PC and virtual reality headsets.
In the announcement of the transaction, co-founder and CEO of Rec Room Nick Fajt said, “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. 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.”
The Gunderson deal team was led by Andy Bradley and included Cody Peterson, Shawna Reeder, Nick Feldman, Jie Wang, and Bess Benhamou.