Keepit secures $40 million in refinancing from HSBC Innovation Banking to boost growth

Jan. 09, 2024

Successful scaling results in additional funding to fuel further expansion and development

COPENHAGEN, DENMARK, Jan. 09, 2024 – Keepit has today 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 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 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.”

About HSBC Innovation Banking

HSBC Innovation Banking provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity and venture capital industries. HSBC Innovation Bank Limited is a subsidiary of HSBC Group, benefiting from its stability, strong credit rating and international reach to help fuel its growth.

HSBC Innovation Bank Limited (trading as HSBC Innovation Banking) is not licensed to undertake banking business or to undertake any other regulated activity in Denmark or Sweden.

HSBC Innovation Bank Limited (trading as HSBC Innovation Banking) is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (Company Number 12546585). HSBC Innovation Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Firm Reference Number 543146). HSBC Innovation Bank Limited is part of the HSBC Group.

HSBC Innovation Bank Limited is committed to making its website and related documents accessible to everyone. Learn more on www.hsbcinnovationbanking.com/accessibility

About EIFO

The Export and Investment Fund of Denmark (EIFO) is the national promotional bank and export credit agency of Denmark combined in one new financial institution. EIFO provides a single point of access for Danish companies as well as for their foreign and domestic business partners who need risk-tolerant government capital. Across all sectors EIFOs main objective is to support the growth, export and green potential in Danish startups and SMEs with loans, guarantees and Equity Investments.

Learn more on www.eifo.dk/en/

About Keepit

Keepit provides next-level SaaS data protection for companies with data stored in the cloud. Keepit is the world’s only vendor-neutral and independent cloud dedicated to SaaS data protection based on a blockchain-verified solution. Keepit protects data in key business applications including Microsoft 365, Microsoft Azure AD, Google, and Salesforce. Headquartered in Copenhagen with offices and data centers globally, Keepit is trusted by thousands of companies worldwide to protect and manage their cloud data.

For more information visit www.keepit.com or follow Keepit on Linkedin.