SaaS backup pioneer Keepit boosts growth with $40m HSBC refinancing deal

SaaS backup pioneer Keepit boosts growth with $40m HSBC refinancing deal

Keepit, a Copenhagen-based leader in SaaS backup and recovery, has raised a $40m injection from HSBC Innovation Banking in collaboration with The Export and Investment Fund of Denmark (EIFO).

Established in 2007, Keepit has emerged as a frontrunner in the realm of SaaS data protection. The company’s latest financial backing follows its successful $30m Series A round in 2020 and a total of $22m in debt financing in 2022, sourced from Silicon Valley Bank UK (now part of HSBC Innovation Banking) and Vækstfonden (now EIFO). This pattern of consistent funding reflects the industry’s confidence in Keepit’s innovative approach and its potential for future growth.

Keepit’s use of the fresh capital is clear and focused. It aims to maintain its growth trajectory and continue its substantial strategy for expansion. The funds have been strategically allocated to propel growth, with investments in innovative products and advancements in platform development for cutting-edge data protection solutions.

Significantly, Keepit has allocated a substantial portion of its resources to enhance its go-to-market strategy. This includes expanding into new markets, reaching out to enterprise-scale clients, and augmenting its partner program. These initiatives are crucial in strengthening Keepit’s position in the global data protection industry.

Morten Felsvang, CEO and co-founder of Keepit, expressed his enthusiasm about the new financing, stating, “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, managing director and Head of Enterprise Software at HSBC Innovation Banking UK, also commented on the partnership, “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.”

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