Keepit Secures $40 Million in Refinancing after $30 Million in 2020

Keepit A/S announced HSBC Innovation Bank Limited, banking partner for businesses in cutting-edge sectors, has provided a $40 million refinancing package in partnership with The Export and Investment Fund of Denmark (EIFO).

The new funding frees up capital for further investments in international expansion, hiring, business operations, and product development as the company continues to scale and build out its market-leading platform for SaaS data protection.
 
Founded in 2007 in Copenhagen, Denmark, Keepit is in SaaS backup and recovery and the world’s only vendor-independent cloud dedicated to SaaS data protection.

The new $40 million refinancing package follows a $30 million Series A funding round in 2020, and a total of $22 million debt financing in 2022 from Silicon Valley Bank UK, now HSBC Innovation Banking, and Vækstfonden, now the EIFO, the national promotional bank and export credit agency of Denmark.
 
The vendor will use the fresh capital to sustain the current growth trajectory and continue its substantial expansion strategy. The organization has strategically leveraged funds to propel its growth by introducing products and platform development for data protection solutions. 
 
The debt facilities have been instrumental in fortifying the company’s offerings for future sustainability. Notably, the firm has made substantial allocations to enhance its go-to-market strategy, including market expansion, targeted outreach to enterprise-scale clients, and the augmentation of its partner program. These initiatives collectively underscore Keepit’s endeavours to solidify its standing within the global data protection industry.
 
Morten Felsvang, CEO and co-founder, Keepit, commented: “We are very proud to have the continued backing of HSBC Innovation Banking. This refinancing is a long-term commitment – it not only strengthens our capital structure but is an infusion of confidence in our capabilities on all levels. And it means that we can continue our growth strategy at full throttle.”
 
Jean-Laurent Pelissier, MD and head of enterprise software, HSBC Innovation Banking UK, commented: “We’re delighted to continue our relationship with Keepit by providing this new facility, which will support Keepit to further its presence across new geographies, grow its team and innovate across its product offering. Our agility, expertise, international and robust network is also helping businesses like Keepit to scale and open up a world of opportunity as they reshape our world. This is an exciting milestone in our long-term partnership with Keepit and we’re proud to be part of this next step in the company’s journey alongside the EIFO.”
 
Anders Christian Andersen, senior director, SME digital platforms, EIFO, commented: “Cybersecurity is among the top 10 biggest risks in the world of today. Keepit provides a solution to how businesses around the world can address the issue and safely back up their data. We have been part of Keepit’s financial journey since 2019, and we see great potential for further growth in the company. Being part of this refinancing package, together with HSBC Innovation Banking, we reconfirm our trust in the company.”