Mike Burton: Lockstop targets expansion to 291 cities in five years
Mike Burton · Bike Theft is a $1B Crisis—Watch This Founder’s $1.5M VC Pitch · Mar 5, 2025 · at 24:22
Mike Burton, founder of Lockstop, discusses municipal expansion targets with venture capitalists on The Pitch.
0:00 / 0:08exact quote · 8.5s
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“We're projecting in five years our goal is to hit 291 cities that have pretty developed infrastructure, or they have infrastructure that can develop pretty rapidly.”
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More from Mike Burton
Burton: Lockstop Devices Generate $750 Annually From Data Monetization
“So each device generates about 750 dollars a year on its own.”
Burton: Lockstop Enforces a Strict $100,000 Minimum Check Size
“I absolutely hate to say this, especially on YouTube, but we've left the 50 K checks on the table, so we don't allow any investments under a hundred K.”
Lockstop: Competitors Cost 5 to 100 Times More and Require Heavy Infrastructure
“But those existing solutions that are out there, like Uni and Bike Keep, cost five to a hundred times the cost of a lock stop device. They require infrastructure and a lot of space allocation.”
Burton: Lockstop expects to break even within 24 months
“In 24 months is when we expect to hit our break-even point, and so that 1.5 takes us all the way to that position where we're generating our own revenue and we're floating our own boat.”
Burton: Physical Municipal Hardware Is Hard to Disrupt Once Installed
“Anything that's hard to do is hard to disrupt. And there's a lot of SaaS and AI going on in the market right now, and for us, it's like, once we have a hardware component there, it's very difficult to remove, just because the city doesn't want to have to make …”