The world of information security, while intense and highly technical, is fundamental to any business. If you’re vulnerable to security breaches, there is no limit to the amount of damage that can be done to your company.
LogSentinel was built to provide information security, audit trail, and GDPR databases all on blockchain. Their compliance-as-a-service datastore covers GDPR and HIPAA and protects logs, documents and data with blockchain technology.
LogSentinel is a pure-play SaaS business that operates on a freemium pricing model. While pricing varies based on volume of secured data, the average customer pays them approximately $200 monthly right now.
With between 20 and 30 total customers, LogSentinel is doing $4k in MRR at this point in time, CEO Bozhidar Bozhanov confirmed. The company has some bigger enterprise deals in the pipeline and is working to move upmarket to drive additional growth. The company, launched in 2017, was pre-revenue generation twelve months ago.
What is LogSentinel’s churn?
Churn is critical for any SaaS business and LogSentinel has not exhibited any churn thus far. As Nathan and Bozhanov discussed on The Top Entrepreneurs podcast, this could be a signal that the business needs to increase their price point and will experiment going forward.
In terms of customer acquisition, LogSentinel landed their first 20 customers solely through organic channels. In the near term, Bozhanov is working to build out a sales and marketing strategy that can propel the company to $100k in MRR and beyond.
How much has LogSentinel raised?
Founded just two years ago, LogSentinel has functioned with just $110k in outside venture capital. Their team of seven full-time employees is split between Bulgaria and Munich.