HSBC Innovation Banking provided a $40 million refinancing package in partnership with the Export and Investment Fund of Denmark (EIFO) to Keepit, a provider of software-as-a-service data protection. The new funding frees up capital for further investments in international expansion, hiring, business operations and product development as Keepit continues to scale and build out its platform for SaaS data protection.
Founded in 2007 in Copenhagen, Denmark, Keepit provides SaaS backup and recovery and a vendor-independent cloud dedicated to SaaS data protection. The new $40 million refinancing package from HSBC Innovation Banking follows Keepit’s $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 Export and Investment Fund of Denmark (EIFO), the national promotional bank and export credit agency of Denmark.
Keepit will use the fresh capital to sustain its current growth trajectory and continue its expansion strategy. The organization has leveraged funds to propel its growth by introducing products and advancing platform development for data protection solutions.
The debt facilities have been instrumental in fortifying the company’s offerings for future sustainability. Notably, Keepit has made substantial allocations to enhance its go-to-market
“We are very proud to have the continued backing of HSBC Innovation Banking,” Morten Felsvang, CEO and co-founder of Keepit, said. “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.”
“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,” Jean-Laurent Pelissier, managing director and head of enterprise software at HSBC Innovation Banking UK, said. “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.”
“Cybersecurity is among the top 10 biggest risks in the world of today,” Anders Christian Andersen, senior director of SME digital platforms at the EIFO, said. “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.”