$16M Series A to Keep Your Secret Keys Safe

The SaaS CFO

In this episode of The SaaS CFO Podcast, we're thrilled to welcome back Itzik Alvas, Co-founder and CEO of Entro Security. Itzik, a seasoned expert in cybersecurity with past roles at IDMO and Microsoft, is making his mark in the industry by addressing the critical need for securing non-human identities and secrets in the digital world. Itzik is our first returning guest, having previously discussed the initial stages of Entro Security, and we're excited to catch up on the company's progress and achievements. Since founding the company in 2022, Itzik, along with his Co-founder and CTO Adam Schliki, has been dedicated to pioneering the non-human identity and secret security vertical, focusing on service accounts, API keys, and programmatic access keys that are essential for application authentication and service access.

Under Itzik's leadership, Entro Security has experienced significant growth. The company, which started with just 20 employees, has now doubled its team size to 40. This headcount increase reflects their expansion in capabilities and market reach. Entro Security has attracted dozens of customers, including large enterprises and Fortune 100 companies, illustrating the high demand for their innovative solutions. Their dual headquarters in Cambridge, Massachusetts, and Tel Aviv, Israel, strategically position them to cater to a diverse set of industries such as finance, healthcare, technology, and online travel. Itzik shares insights into the company's scaling journey, highlighting the importance of having a repetitive story and solving distinct problems to gain investor trust.

Entro Security's recent funding achievements are also noteworthy. With a successful Series A round raising $18 million, on top of an initial $6 million seed round, the total capital raised now stands at $24 million. This infusion of funds is set to further propel their growth, with plans to expand their team and enhance their product offerings. Itzik delves into the lessons learned from the Series A fundraising process, emphasizing the need for traction, customer validation, and strong metrics such as CAC and ARR. As the conversation unfolds, Itzik provides valuable advice for other founders navigating similar paths. Tune in to this engaging episode to learn more about the evolving landscape of cybersecurity, Entro Security's ambitious plans, and the key metrics driving their success.

Show Notes:

00:00 Background in cybersecurity, shifted from offense to defense.

04:13 Developers creating non-human identities without security oversight.

09:24 Sustainable business requires cost and metric improvement.

11:09 Find repetitive flow, acquire customers, tell investors.

15:35 Continued investment in non-human identity security.

Links:

SaaS Fundraising Stories: https://www.thesaasnews.com/news/entro-security-closes-18-million-in-series-a

Itzik Alvas’ LinkedIn: https://www.linkedin.com/in/itzik-alvas/

Entro Security’s LinkedIn: https://www.linkedin.com/company/entro-security/

Entro Security’s Website: https://entro.security/

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