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Keepit secures $40 million in refinancing from HSBC Innovation Banking

January 2024 by Marc Jacob

Keepit has announced HSBC Innovation Banking, the global, specialised 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 Keepit continues to scale and build out its market-leading platform for SaaS data protection.

Founded in 2007 in Copenhagen, Denmark, Keepit is a leader in SaaS backup and recovery and the world’s only vendor-independent cloud dedicated to SaaS data protection. The new $40 million refinancing package from HSBC Innovation Bankingfollows 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 the current growth trajectory and continue its substantial expansion strategy. The organisation has strategically leveraged funds to propel its growth by introducing innovative products and advancing platform development for cutting-edge 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 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 at 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, Managing Director and Head of Enterprise Software at 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 at 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.”

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