Keepit Receives $40M in Refinancing from HSBC Innovation Banking, Driving SaaS Data Protection Development

Keepit, the provider of next-level SaaS data protection for companies with data stored in the cloud, is announcing that HSBC Innovation Banking, the global, specialized banking partner for businesses in cutting-edge sectors, previously known as Silicon Valley Bank UK, has provided Keepit with a $40 million refinancing package, delivered in partnership with The Export and Investment Fund of Denmark (EIFO). This funding will serve to drive Keepit’s investments in international expansion, hiring, proprietary operations, and product development.

Keepit—which protects data for critical SaaS applications from within a single, vendor-independent platform—will leverage HSBC Innovation Banking’s capital to continue its current growth and expansion trajectory, according to the company.

“We are very proud to have the continued backing of HSBC Innovation Banking,” said Morten Felsvang, CEO and co-founder of Keepit. “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.”

With allocations being directed toward the company’s go-to-market strategies—including market expansion, target outreach, and augmentation of its partner program—Keepit is empowered to maintain its presence in the data protection industry.

This refinancing follows Keepit’s $30 million Series A funding round in 2020, as well as a total of $22 million debt financing in 2022 from HSBC Innovation Banking, Vækstfonden, and now, the EIFO.

“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,” said Jean-Laurent Pelissier, managing director and head of enterprise software at HSBC Innovation Banking UK. “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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