We Escape was once the name everyone in Vietnam’s entertainment world was talking about. In only a few years, it grew from a small startup into the largest escape room network in the country. Friends, families, and corporate teams filled its themed rooms every weekend.
But by early 2022, the company had no locations, no revenue, and a net worth of zero. This is the full story of how a bold idea rose fast and then disappeared just as quickly. The journey holds lessons for entrepreneurs and anyone curious about how fast growth can turn into a sudden collapse.
A Simple Idea With Big Promise
In 2015, four young entrepreneurs in Hanoi asked a question that many city dwellers understood: how can people spend less time on their phones and more time together? Their answer became We Escape, a live-action escape room business built on the motto “disconnect to connect.”
The leader of the team, Vương Chí Nhân, had studied finance in Singapore and worked at a well-paid banking job. Although the salary was high, he felt restless. He often finished his tasks long before his colleagues and sensed he was not using his creativity. During this period, he tried an escape room in Singapore. The mix of teamwork, problem solving, and adventure sparked an idea that would change his life. He returned to Vietnam determined to bring the experience home.
“I wanted to build a space where friends could work as a team, not just sit together staring at screens,”
Nhân told the magazine Người Hà Nội when reflecting on his decision to leave a secure career.
The timing was good. Young professionals in Hanoi and Ho Chi Minh City were searching for fresh activities beyond cafés and cinemas. By 2017, the company generated 6.1 billion VND in revenue, with another 4.4 billion VND in the first half of 2018—strong numbers for a niche entertainment business.
Yet the model carried hidden risks. Each room required more than 300 million VND to design and build, with elaborate props and electronic puzzles. The investment for a single location often exceeded the cost of a small restaurant. We Escape estimated it needed at least two years to recover the setup cost for each room. That meant any slowdown in customer traffic could threaten cash flow.
The Shark Tank Boost
In 2018, We Escape appeared on Shark Tank Vietnam, a moment that brought national attention. Viewers watched as Nhân confidently explained how escape rooms could become Vietnam’s next big entertainment trend. He secured an on-air promise of 5 billion VND for a 36 percent equity stake from investor Nguyen Ngoc Thuy, better known as Shark Thủy.
After the cameras stopped rolling, the deal changed dramatically. Shark Thủy’s Egroup invested between 25 and 30 billion VND, taking a controlling 70 percent stake. The founders’ combined ownership dropped to 30 percent.
The extra capital allowed rapid growth. By late 2021, We Escape had eight locations across Hanoi and Ho Chi Minh City, becoming the largest escape room network in Vietnam. Customers lined up for experiences that ranged from haunted houses to detective adventures. Corporate clients booked entire venues for team-building events.
Business analyst Le Minh Khang, who advises entertainment startups in Southeast Asia, explained the hidden danger of this type of investment:
“Fast money often demands fast expansion. Without strong reserves, any shock can break the model.”
The company’s quick climb also attracted competitors such as Miss Terry and Master Escape in Hanoi and ACE Escape Room in Ho Chi Minh City. The race to stay ahead required constant reinvestment in new themes and high-quality props. Fixed costs climbed even higher.
A Perfect Storm Arrives
The company’s success depended on groups meeting in person. That strength became a serious weakness when COVID-19 reached Vietnam. The first cases appeared in early 2020, but the most severe impact came during the fourth wave of the pandemic.
In July 2021, Hanoi ordered all residents to stay home under strict social distancing rules. In September 2021, Ho Chi Minh City extended lockdowns that required entertainment venues to close completely.
With doors shut, We Escape earned nothing but still had to pay rent on large spaces in prime city locations. Maintaining the elaborate rooms and electronic equipment added to the burden. Staff members accepted deep salary cuts for nearly two years in an attempt to keep the company alive.
Nhân later wrote a public letter that captured the irony of the situation. He said, “We asked people to put down their phones. COVID forced the world to do the opposite.”
This was more than a temporary setback. Every month without customers meant heavy losses. The business model that had once promised steady profits now worked against them. High fixed costs, no revenue, and no clear reopening date created an impossible puzzle even for the best planners.
Closing the Doors
On January 1, 2022, Nhân announced that We Escape would shut down for good. He revealed that the decision had been made weeks earlier after exhausting all options to stay open. Vietnamese business registry records confirm that the company later completed the formal dissolution process required to settle debts and taxes.
The story did not end there. Shark Thủy, once celebrated as a bold investor, faced serious legal trouble. In March 2024, he was arrested for fraud and property appropriation in unrelated cases. Vietnamese media often listed We Escape among his high-profile failures.
By the time the paperwork was complete, the company’s net worth was effectively zero. There were no assets left to distribute and no hidden reserves.
Lessons for Entrepreneurs
The fall of We Escape offers clear lessons for anyone starting or scaling a business.
First, keep control. Nhân later said he would never again allow his ownership to drop below 50 percent. A majority stake gives founders the power to make critical decisions in a crisis. Without it, even well-meaning investors can push for a growth plan that the market cannot support.
Second, plan for shocks. High fixed costs such as rent make a company fragile. Having cash reserves or a flexible model is vital when unexpected events like a pandemic strike.
Third, balance growth and stability. Rapid expansion creates excitement and media attention but can also create heavy risk if the market changes suddenly. A slower, steady path might have given We Escape more time to adapt when conditions turned against them.
The Human Side of the Story
Today, public records show no new ventures under Nhân’s name. He has kept a low profile, but his comments about control and ownership continue to circulate in Vietnam’s startup community. Many young founders see his experience as a warning that financial success means little without the ability to steer the company when times get hard.
We Escape began as a place to solve puzzles with friends. In the end, the hardest puzzle was the business itself. The story stands as a reminder that even the most exciting trend can vanish if it cannot survive an unexpected storm. For entrepreneurs, it is also proof that careful planning, strong ownership, and the ability to pivot are as important as the original idea.
TL;DR
We Escape grew fast after a Shark Tank deal and became Vietnam’s biggest escape room chain, but high fixed costs and COVID lockdowns led to a full shutdown and legal dissolution. The company’s net worth is now zero, highlighting the need for founder control, cash buffers, and resilient growth.
FAQs
Is We Escape still in business in 2025?
No. We Escape shut down in early 2022 and later completed the legal dissolution process. Its current net worth is effectively zero.
When did We Escape close?
The founder announced the full shutdown on January 1, 2022, after months of intermittent closures during local lockdowns.
Why did We Escape close?
Prolonged COVID-19 restrictions stopped in-person games while high fixed costs such as rent and room maintenance continued. The company could not generate revenue to cover these expenses.
Did We Escape get a deal on Shark Tank Vietnam?
Yes. On air the company received a pledge of 5 billion VND for 36 percent equity. After due diligence the reported investment increased to about 25 to 30 billion VND for a 70 percent controlling stake by Shark Thuy’s Egroup.
How much did an escape room cost to build at We Escape?
Each room typically cost more than 300 million VND to design and build, with an estimated payback period of about two to two and a half years under normal traffic.
How big did We Escape get at its peak?
By 2021 We Escape operated eight locations across Hanoi and Ho Chi Minh City and was considered the largest escape room system in Vietnam at that time.
What was We Escape’s revenue before the pandemic?
Public figures show 6.1 billion VND in revenue in 2017 and 4.4 billion VND in the first half of 2018. Later revenue data was not fully disclosed.
What is We Escape’s net worth now?
The company is defunct. After shutdown and dissolution its effective net worth is zero.
Who owned We Escape after Shark Tank?
Following post-show negotiations Egroup, led by Shark Thuy, held a 70 percent controlling stake. The founders together held 30 percent.
What happened to Shark Thuy after investing in We Escape?
In 2024 Vietnamese authorities arrested him on fraud charges in other matters. Media often cites We Escape as one of several failed investments linked with his high-growth strategy.
Did We Escape try virtual escape rooms?
No verified records show a successful digital or virtual pivot. The brand focused on in-person team play, which was not possible during strict distancing rules.
Who founded We Escape?
We Escape was started in 2015 by a small group of young entrepreneurs led by CEO Vuong Chi Nhan, who returned from Singapore to bring the concept to Vietnam.
Where were We Escape locations?
The network concentrated in Hanoi and Ho Chi Minh City, with rooms in central districts that drew families, students, and corporate teams.
What can founders learn from We Escape?
Keep majority control where possible, build cash buffers for shocks, and balance expansion with resilience. A model with heavy fixed costs needs strong contingency plans.
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