Nick Fajt
Nick Fajt is Director of Product Management at Snap and was previously CEO at Against Gravity. He founded Against Gravity and Rec Room, both startups that were acquired. He has expertise in product management.
Seattle’s Rec Room Social Gaming Platform Shuts Down June 1, 2026 After $294M Funding and $3.5B Valuation
Seattle-based social gaming platform Rec Room, which attracted 150 million players and reached a $3.5 billion valuation in 2021, is shutting down on June 1, 2026 due to unviable business economics. Founded in 2016 by former Microsoft engineers, Rec Room built a decade-long virtual community but ultimately could not sustain its operations.
Snap Acquires Assets from Rec Room Ahead of June 1 Shutdown; Employees Join Specs Inc. for AR Hardware Work
Snap Inc. has acquired select assets from Rec Room Inc., a social gaming platform shutting down on June 1, with some Rec Room employees joining Snap’s Specs Inc. to support its augmented reality glasses initiatives. Despite Rec Room's 150 million players, it failed to achieve sustainable profitability, leading to its closure.
Rec Room, Seattle Social Gaming Platform Valued at $3.5B, Shuts Down June 1 Amid Profitability Challenges
Seattle-based social gaming platform Rec Room, once valued at $3.5 billion, will shut down on June 1 after a decade in operation due to difficulties in achieving profitability. This ends the run of one of Seattle's most notable startup unicorns.
Rec Room Lays Off 141 Employees, Halving Staff at $3.5 Billion Seattle Gaming Startup
Seattle-based gaming startup Rec Room laid off 141 employees, about half its staff, reducing the team to just over 100. The company, founded in 2016 and valued at $3.5 billion after raising $245 million in 2021, called the layoffs one of its toughest decisions.
Seattle Startup Rec Room Lays Off Half of Staff Amid $3.5 Billion Valuation, Refocuses on VR and PC
Seattle-based VR and gaming startup Rec Room is laying off about half its staff due to financial challenges after overexpanding its platform across multiple devices. The company will now focus on its strongest areas, including supporting top PC and VR creators and improving its flagship games.
Seattle Gaming Startup Rec Room Cuts 16% of Staff Amid Challenging Fundraising and Market Conditions
Seattle-based gaming startup Rec Room has laid off 16% of its 372 employees due to a challenging fundraising environment and changing market conditions. CEO Nick Fajt emphasized the need to become self-sustaining and plans to reorganize the company while preparing to launch its major update, Rooms 2.0.
GeekWire updates Seattle list as Highspot raises $248M at $3.5B; SeekOut and Icertis added to 16 local unicorns
GeekWire updated its list of Seattle-area 'unicorn' startups (privately held companies valued at $1B+) after additions and a valuation change for Icertis, noting recent entrants like SeekOut and Highspot, which raised $248 million at a $3.5 billion valuation. The article highlights that the Seattle cohort includes 16 unicorns, none led by a female or Black CEO, and that many CEOs have Microsoft backgrounds amid a global surge in unicorns and venture funding.
Rec Room raises $145M led by Coatue, valuing the Seattle VR startup at $3.5B
Seattle-based Rec Room raised $145 million in a funding round led by Coatue Management, bringing its valuation to $3.5 billion after a prior $100 million raise in March 2021; the cross-platform social VR app saw rapid user growth during the COVID-19 pandemic.
Game Jolt co-founders Yaprak and David DeCarmine raise $2.6M seed round led by Acequia Capital
Seattle-based Game Jolt, founded by husband-and-wife Yaprak and David DeCarmine, raised a $2.6 million seed round led by Acequia Capital to grow its social platform for Gen Z and Gen Alpha gamers. The platform hosts over 40,000 communities—some with more than 500,000 active members—where users share fan art, gameplay recordings, guides, and reviews.
Rec Room raises $100M, becomes $1.25B Seattle unicorn after pandemic-fueled 566% revenue surge
Seattle-based social gaming startup Rec Room raised $100 million at a $1.25 billion valuation after explosive growth during the COVID-19 pandemic, driven by 15 million lifetime users and a 566% year-over-year revenue increase. The five-year-old company offers cross-platform tools for creating virtual rooms and games, has over 2 million creators, isn’t yet profitable, and plans an Android launch later this year.
Rec Room raises $20M Series C led by Madrona as pandemic drives surge to 3M+ user-created rooms
Seattle-based Rec Room raised $20 million in a Series C led by Madrona Venture Group, bringing total funding to nearly $50 million. The four-year-old virtual hangout and game-creation platform saw explosive growth during the pandemic, tripling its community and surpassing 3 million user-created rooms by September.
Madrona Ventures Announces Investment in Rec Room, Citing 10M Players and 1M Creators
Madrona announced its investment in Rec Room, an online social gaming universe with over 10 million players and 1 million creators that offers easy cross-platform play and low-code content creation tools. The firm praised Rec Room’s founders, community-first approach, and alignment with trends in online communities and maker-focused development.
GeekWire: eXp Holdings founder Glenn Sanford uses VirBELA virtual world to run distributed teams as COVID-19 makes avatars practical
GeekWire explores how virtual-world platforms like VirBELA, acquired by eXp Holdings, let people meet, work and socialize with avatars—an option gaining relevance during COVID-19 social distancing. Founder Glenn Sanford uses VirBELA to run large distributed teams and demonstrates virtual rituals that replace in-person office interactions.
Organizations
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Snap Director, Product Management 2026–present · current
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Against Gravity CEO · current
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Rec Room CEO & Co-Founder 2016–2026, Co-founder and Longtime CEO 2026, Chief Executive Officer 2026, Co-founder and CEO 2026, CEO and Co-founder 2026 · past
Education
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Cornell University Bachelor of Science (BS), Dept of Computer Science (ISST) · 2005–2009
