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Rec Room is a social gaming platform where people create, share, and play user-generated games and experiences. The core product is a shared virtual space where players use avatars to interact, join games, and explore community-made content. The platform operates on a freemium model: it is free to access, and revenue comes from in-app purchases like avatar customization items and a premium subscription that unlocks extra features and content. Games and rooms are built and run by users, making the ecosystem highly community-driven and diverse in gameplay. Features such as a kidSAFE-certified Junior Mode highlight a focus on safety and inclusivity. Rec Room’s goal is to provide a long-term, engaging home for social entertainment where creators can build, share, and monetize their experiences while players enjoy a broad, collaborative virtual space.
Industries
VR & AR
Consumer Software
Entertainment
Gaming
Company Size
51-200
Company Stage
Late Stage VC
Total Funding
$294M
Headquarters
Seattle, Washington
Founded
2016
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Total Funding
$294M
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Funded Over
5 Rounds
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Rec Room, a free-to-play social gaming platform once valued at $3.5 billion, will permanently shut down on 1 June 2026. The company cited its inability to achieve sustainable profitability, stating that costs consistently exceeded revenue. Launched in 2016 by Nick Fajt and Cameron Brown, the virtual reality platform allowed users to create and play games in a 3D sandbox environment, attracting over 150 million players. The company reached its peak valuation of $3.5 billion in December 2021. The shutdown follows a workforce reduction in August that cut the team by half. Rec Room has disabled new account creation, friend requests and monetized content sharing, though existing users can continue playing until the platform closes at noon Pacific time on 1 June.
Rec Room, a social gaming platform once valued at $3.5 billion, announced it will shut down on 1 June. The company cited unsustainable costs and declining VR market conditions as reasons for closure. Founded in 2016 by Nick Fajt and Cameron Brown, Rec Room attracted over 150 million players and reached peak valuation in December 2021. However, the platform struggled with monetisation despite its large user base and features like Maker AI for game creation. The company implemented significant redundancies earlier this year as financial pressures mounted. New account creation and friend requests have ceased immediately. Creators can no longer share monetised content, and the platform will go offline at 12 p.m. PT on 1 June.
There’s a new name atop the GeekWire 200.Seattle-area sales enablement company Highspot has taken the No. 1 spot on our ranking of privately held technology companies in Seattle and the rest of the Pacific Northwest.Outreach (No. 7), another Seattle sales software startup, previously held the No. 1 slot, but the company has been trimming its workforce, including a 9% layoff earlier this month. Its longtime CEO also recently stepped down.That opened up opportunity for Bellevue, Wash.-based Highspot, which raised $250 million in 2022 and is growing headcount again after laying off staff last year. Highspot was included in a recent Forrester Research report analyzing top revenue enablement platforms.The GeekWire 200, presented by JPMorganChase, provides a snapshot of the region’s robust startup landscape and highlights companies that are gaining traction.The top-ranked companies have changed quite a bit over the years, reflecting the dynamic nature of the fast-moving tech industry.Some startups fall down the list due to workforce reductions
We’re back with another update to the GeekWire 200, our ranking of the top privately held technology startups in Seattle and the rest of the Pacific Northwest.The list provides a snapshot of the region’s robust startup landscape and highlights companies that are gaining traction on their respective industries.The ranking is grounded in both publicly available data — including LinkedIn employee counts, Facebook followers, and Moz domain authority — as well as editorial judgment from the GeekWire news team, based on factors including recent fundings and layoffs, and our own insights from covering the region’s technology startups.Companies founded 15 years ago and beyond are not included, given that they are no longer “startups” based on our parameters.A number of startups moved up the list with our latest update.Chainguard zoomed up to the No. 18 slot after the cybersecurity company raised $140 million and reached a $1.1 billion valuation last month.zoomed up to the No. 18 slot after the cybersecurity company raised $140 million and reached a $1.1 billion valuation last month. Others that recently raised funding to fuel growth — including cybersecurity startup Protect AI (No. 41); e-commerce delivery software startup Pandion (No. 62); and addiction care company Boulder Care (No
Smartsheet CEO Mark Mader accepts the Next Tech Titan award at the GeekWire Awards in 2016. Eight years later, Smartsheet is a publicly traded company valued at more than $5 billion, recently surpassing $1 billion in annualized recurring revenue. (GeekWire File Photo / Kevin Lisota)Which company will be the next tech titan to emerge from the Pacific Northwest?GeekWire’s startup coverage seeks to answer this fundamental question every day, at least implicitly. But once a year, we formalize the process through the Next Tech Titan category in the GeekWire Awards, our annual event recognizing the top innovators and companies in Seattle and the Pacific Northwest.Continue reading for details on each finalist, and a sampling of past Next Tech Titan winners as evidence of the predictive capabilities of this award. Vote here or below in this GeekWire Awards category, which is presented by Baird.And the finalists for Next Tech Titan are … MotherDuck, a serverless data analytics platform built on the open-source platform DuckDB, an in-process online analytical processing database, or OLAP. Its technology makes it simpler for businesses to run analytics on their data, rather than relying on more expensive services from large cloud vendors
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Industries
VR & AR
Consumer Software
Entertainment
Gaming
Company Size
51-200
Company Stage
Late Stage VC
Total Funding
$294M
Headquarters
Seattle, Washington
Founded
2016
Find jobs on Simplify and start your career today