In May 2025, Thinkst, a cybersecurity firm headquartered in Cape Town, South Africa, celebrates the tenth anniversary of its flagship product, Canary. Over the past decade, Thinkst has distinguished itself by achieving remarkable growth without relying on venture capital funding. The company now boasts approximately 40 employees and is on track to generate $20 million in annual recurring revenue (ARR) this year, nearly doubling its 2021 figures.
Origins and Vision
Founded by Haroon Meer, Thinkst emerged from a critical observation: organizations were investing heavily in cybersecurity solutions yet remained unaware of breaches for extended periods. This insight led to the development of Canary, a digital tripwire designed to detect intrusions promptly. The product’s name draws inspiration from the historical use of canaries in coal mines, serving as early warning systems for miners.
Product Development and Deployment
Launched in 2015, Canary operates by emulating various network devices and services. When an unauthorized entity interacts with a Canary, it triggers an immediate alert, enabling swift response to potential threats. This proactive approach significantly reduces the time attackers can operate undetected within a network.
In addition to the hardware solution, Thinkst offers Canary Tokens—a free service that allows users to create digital bait, such as documents or credentials. Accessing these tokens alerts the user to potential security breaches, providing an additional layer of defense.
Customer-Centric Approach
Thinkst’s success is deeply rooted in its commitment to customer satisfaction. The company emphasizes simplicity and reliability, ensuring that Canary is easy to deploy and manage. This focus has resulted in a loyal customer base, with 60% of first-year clients still engaged with the company today.
Meer highlights the importance of maintaining promises to customers, stating, What you have to do is keep the promises that you make, and you’ll grow into the people that are right for you. This philosophy has guided Thinkst’s steady and sustainable growth.
Bootstrapping Success
Unlike many tech startups that pursue rapid expansion fueled by venture capital, Thinkst has chosen a different path. By bootstrapping, the company has retained full control over its operations and product development. This approach has allowed Thinkst to prioritize long-term goals over short-term gains, fostering a culture of innovation and resilience.
Meer acknowledges the challenges and benefits of this strategy, noting that while external funding can provide resources and credibility, it often comes with pressures that may not align with the company’s vision. By focusing on organic growth, Thinkst has built a robust foundation that supports its mission and values.
Industry Impact and Future Outlook
Thinkst’s achievements underscore the viability of alternative growth strategies in the tech industry. By prioritizing product quality and customer relationships, the company has carved out a significant niche in the cybersecurity market.
As Thinkst looks to the future, it remains committed to its core principles. The company plans to continue enhancing its products and services, ensuring they meet the evolving needs of its clients. This dedication positions Thinkst to maintain its trajectory of sustainable growth and innovation in the years to come.
