Rec Room Part II (with CEO Nick Fajt)

Acquired

Ben Gilbert and David Rosenthal

Venturecapital, Ma, Investing, Acquisitions, Startups, Vc, Investment, Business, Technology

4.8 • 2.9K Ratings

🗓️ 24 March 2021

⏱️ 115 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Last Acquired left the plucky Rec Room crew in our 2018 "Part I" episode, they were a seed stage startup making a VR game that users loved but grew slowly and barely monetized. Fast forward to today, and they're now a multi-platform social "place" with millions of active users, 500%+ YoY growth and hosting a robust creator economy that's rivaled only by their oft-compared metaverse cousin Roblox in dynamics and efficiency. And oh yeah, they're now a $1B+ company after a new $100m fundraise from existing investors Sequoia and Index, which they're announcing today. We figured it was high time to revisit Nick & crew for a Part II...

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Sponsors:
Vanta: https://bit.ly/acquiredvanta

Statsig: bit.ly/statsigacquired
Modern Treasury: https://bit.ly/acquiredmoderntreasury

The Rec Room Playbook is available on our website at https://www.acquired.fm/episodes/rec-room-part-ii-with-ceo-nick-fajt

Links:

Our "Part I" episode with Nick on Rec Room's seed round: https://www.acquired.fm/episodes/season-2-episode-2raising-a-seed-round-with-against-gravity-ceo-nick-fajt
Rec Room! https://recroom.com

Carve Outs:

Invent and Wander: https://www.amazon.com/Invent-Wander-Collected-Writings-Introduction-ebook/dp/B08BCCT6MW/
Resonant Arc on YouTube: https://www.youtube.com/channel/UCFzWAEPDGiY34bGpwM_DWmA
How The Economic Machine Works by Ray Dalio: https://www.youtube.com/watch?v=PHe0bXAIuk0

Transcript

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0:00.0	Ah, okay, good to know.
0:01.8	So we should not ship tomorrow then.
0:04.0	Don't do it tomorrow.
0:05.2	Please wait and say, good day, glad we asked.
0:09.0	I'm gonna send you the press release,
0:10.8	so you just, it has the embargo at the top.
0:13.0	[♪ OUTRO MUSIC PLAYING [♪
0:23.3	Welcome to season eight, episode four of Acquired,
0:26.9	the podcast about great technology companies
0:29.0	and the stories and playbooks behind them.
0:31.6	I'm Ben Gilbert and I'm the co-founder and managing director
0:34.4	of Seattle-based Pioneer Square Labs
0:36.3	and our venture fund, PSL Ventures.
0:38.7	And I'm David Rosenthal and I am an angel investor
0:41.7	based in San Francisco.
0:43.3	And we are your hosts.
0:45.6	In 2018, we did an episode on the early stage
0:49.0	Seattle startup, Rec Room.
0:51.2	Founder and CEO Nick Fight joined us at the time
0:53.8	to talk about their seed round that they had raised
0:56.2	from Sequoia.
0:57.6	At that time, they were a popular app
	...

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