Thinkst, a cybersecurity firm specializing in digital tripwire solutions, is set to celebrate its tenth anniversary since the launch of its flagship product, Canary. Over this decade, the company has successfully positioned itself in the cybersecurity industry without taking a single dollar of venture capital, attaining an annual recurring revenue (ARR) of approximately $20 million—nearly double its figure from just a few years prior.
Thinkst founder and CEO Haroon Meer emphasized that the company chose to forego external financing, focusing instead on a methodical, customer-centric growth strategy. Based in Cape Town, South Africa, Meer explained that Thinkst’s measured approach was deliberate and effective in ensuring the satisfaction and loyalty of its clientele, noting that over 60% of initial customers remain active users today. He attributed the company’s sustained success to its commitment to delivering a product that truly fulfills promises rather than chasing high-speed, aggressive expansion typical of VC-backed firms.
“We aren’t intentionally limiting our growth,” said Meer, “but we’re avoiding unnecessary or reckless acceleration. The key is simply keeping the promises you make, and from there, you naturally attract the customers who are right for your business model.”
Introduced in 2015, Thinkst’s Canary hardware acts much like its namesake— the proverbial canary in a coal mine, designed to serve as an early warning device to notify companies immediately when hackers infiltrate their networks. Canaries are sophisticated honeypots, strategically placed to look enticing to intruders seeking valuable targets. When an attacker—or even a paid penetration tester—accesses one, it triggers immediate alerts that allow organizations to take swift corrective action, significantly reducing attackers’ dwell time and limiting potential damage.
In addition to physical Canary devices, Thinkst also provides Canary Tokens—a freely available digital tool that users can embed within seemingly valuable data, such as passwords or credit card numbers. Should anyone unauthorized access these baited items, an instant notification alerts the user to the breach.
Meer noted that Thinkst frequently receives testimonials from customers citing tangible examples of security incidents prevented or swiftly detected by the company’s products. Testimonials like these, according to Meer, are foundational to the company’s organic growth strategy. Thinkst has no outbound sales team, instead relying on customer satisfaction, word-of-mouth recommendations, and repeat business from clients who see demonstrable value in deploying multiple Canary units throughout their corporate environments.
While developing organically without venture capital investment, Meer makes clear that he does not undervalue the VC model; rather, he sees investment capital as unnecessary for Thinkst at this stage of its journey. He argues confidently that funding is not typically the limiting factor preventing growth or innovation; rather, the key to success lies with steadfast dedication to the customer’s demands and product quality.
He explained, “We firmly believe you should build your business in a way that it remains attractive for funding or acquisition down the line. If your business fundamentals and customer satisfaction are strong enough, then opportunities for investment or partnership will naturally appear when needed.”
Despite reaching significant financial milestones, Meer insists that Thinkst is far from peaking in terms of market potential. He expressed unwavering optimism about the future, stating that the company’s current performance represents only the beginning.
“We’re at $20 million today, but we don’t believe that’s our upper limit,” Meer stated. “Every organization out there should have at least five Canary devices deployed. Right now, our goal isn’t maximizing revenue by any means necessary. Instead, we aim to provide excellent products fairly priced, knowing satisfied customers will naturally lead us toward further growth.”
