Gaming platform Rec Room is now a unicorn, valued at $1.25 billion during a recent funding round of $100 million. It appears to be one of the first, if not the first, virtual reality-focused startup to achieve unicorn status, a notable feat since Facebook’s landmark acquisition of Oculus VR for $2.4 billion in 2014 helped established the modern VR business.
Founded in 2016, Rec Room is a free app that lets players build custom virtual spaces and games that can be played across various platforms. The Seattle-based company launched on Steam as a VR-focused platform, and in 2018, expanded to non-VR platforms. It’s now available on Xbox, PlayStation, iOS, and PC. CEO Nick Fajt said in an interview with The Verge that VR usage on the…