Xanh Entertainment, the developer of EscapeSquid, is pursuing a $2.5 million seed funding round to expand its virtual-to-destination fitness, entertainment and travel platform.
The company has not announced that the round has closed. It said the proposed financing is intended to support product development, technology expansion and partnerships across fitness, hospitality and travel.
EscapeSquid is developing a model that begins with at-home virtual cycling and fitness experiences and can progress into studio classes, local activities, regional events and destination travel.
The platform is designed to connect fitness participants with local businesses including studios, restaurants, hotels, attractions and tour operators.
EscapeSquid plans to use the proposed seed capital to expand its technology, increase fitness and studio partnerships, develop hospitality and travel relationships, and launch local and destination events.
Initial planned U.S. event markets include Nashville, Portland, Anaheim, Dallas, Philadelphia, Chicago and New York City.
KEY QUOTES:
“Our next phase is about building the infrastructure that connects virtual fitness participation with local businesses and ultimately destination travel. If completed, the proposed $2.5 million seed round is intended to give us the resources to develop that network, expand our technology and establish partnerships across fitness, hospitality and travel.”
John Phung, Founder and Chief Executive Officer of Xanh Entertainment
“Our goal is to bring people together while supporting the local businesses that make each destination unique. We want our events to create new opportunities for local fitness studios, restaurants, hotels, attractions and other businesses.”
John Phung, Founder and Chief Executive Officer of Xanh Entertainment
