Keepit Secures $22.5 M Debt Funding From Silicon Valley Bank
Silicon Valley Bank, the financial partner of the innovation economy, has provided a $22.5 million debt financing package to Keepit in partnership with Vaekstfonden. The fresh capital will help fuel further international expansion, hiring, and product development as it continues to scale and build out its market-leading platform for SaaS data protection.
Keepit will use the capital for strategic growth purposes, extend its cash runway ahead of future rounds, and minimise dilution during this strategic growth phase. Keepit will use the debt facilities to support the creation of new services and capabilities as well as new roles within the organization as it grows internationally and adds further market-leading functionality to its product offering.
Founded in 2007 in Copenhagen, Denmark, Keepit is a leader in cloud backup and recovery and the world’s only independent, vendor-neutral cloud dedicated to SaaS data protection with a blockchain-verified solution being sold worldwide. The financing from Silicon Valley Bank follows Keepit’s $30 million Series A funding round in 2020.
Frederik Schouboe, CEO and co-founder of Keepit, commented: “The support from Silicon Valley Bank and Vaekstfonden is a testament to the strength of our business. The strides we have made in the sector have placed Keepit as a market leader. This additional funding now enables us to accelerate our key strategic plans to help fuel the next phase of growth for Keepit.”
Sebastian Penn, Managing Director of Silicon Valley Bank, Denmark, commented:
“Silicon Valley Bank is delighted to extend its partnership with the outstanding team at Keepit. It is great to see further funding within the Danish innovation economy and Keepit is innovating to support the growth of the broader SaaS ecosystem. We look forward to watching the team continue to grow, build, and scale globally.”