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A decade in, bootstrapped Thinkst Canary reaches $20M in ARR without VC funding
- Cybersecurity company Thinkst is celebrating its 10th anniversary of launching Canary, their flagship product designed to catch hackers in action.
- With a focus on customer needs over rapid growth, Thinkst has reached $20 million in annual recurring revenue without any external funding.
- Founder Haroon Meer attributes their success to fulfilling promises, resulting in a 60% retention rate of their first-year customers.
- Canary, launched in 2015, acts as an early warning system on networks, alerting companies when hackers breach their systems.
- Canary Tokens, another offering, helps users detect unauthorized access by placing bait in secure locations for monitoring.
- Thinkst's canaries are hard to deploy incorrectly, as they effectively catch attackers whether they blend in or stand out.
- The company relies on word of mouth and organic sales growth, with customers confirming the effectiveness of their products.
- Despite not seeking venture capital, Thinkst believes in running a business that remains attractive for investment or acquisition.
- Founder Haroon Meer envisions every company having multiple canaries, emphasizing the quality and value of their product over immediate revenue growth.
- With a current revenue of $20 million, Thinkst sees further growth potential and emphasizes providing a good product at a fair price.
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