Chicken has constructive unit economics, CEO Travis VanderZanden stated Friday in a fiery response to a report from The Data that the scooter startup was searching for $300 million in new funding, had misplaced practically $100 million and noticed its income shrink to about $15 million
VanderZanden didn’t disclose Chicken’s income. Nevertheless, in a sequence of tweets the CEO argued that the corporate was earning money on each journey.
Chicken makes $1.27 on each journey on its Chicken Zero scooters, which accounts for greater than 75 % of its fleet, VanderZanden stated.
That determine is notable — and but it doesn’t present the entire image. Primarily based on one of many pictures VanderZanden tweeted, evidently determine relies on a interval of 4 weeks in the summertime, when scooter ridership is probably going increased.
He additionally tweeted that the corporate’s run fee is 4 instances increased from this time final yr. Although, the chart he tweeted was lacking the Y axis.
Chicken launched Chicken Zero, its customized scooter mannequin that’s designed to be extra sturdy and due to this fact last more, first launched in October.
In Might, Chicken unveiled the Chicken One, which incorporates a battery designed to final twice as lengthy, cowl an extended vary and final greater than 4x longer within the shared house.
VanderZanden pushed again on different components of The Data’s report, noting that the $100 million determine “was a one-time accounting write-off from previous retail scooters b/c our unique depreciation window was too lengthy.”