The demand for cloud-based data security and backup solutions will only increase as the demand for cloud solutions grows. The cloud backup market is a vast greenfield business worth roughly €10.1B per year, with a 30 percent compound annual growth rate predicted over the next five years.
Because every end customer using a cloud solution requires third-party backup, Backup-as-a-Service (BaaS) is a huge industry. Creating a backup of cloud data can be time-consuming, but Keepit’s Backup-as-a-Service software can help.
Funding
Now Keepit, a cloud backup platform based in Copenhagen, has raised $22.5M in debt financing from Silicon Valley Bank (SVB) and Vaekstfonden. Keepit will use the proceeds to fund strategic growth, extend its cash runway ahead of future rounds, and reduce dilution during this period of strategic expansion. Keepit will use the loan facilities to fund the development of new services and capabilities, as well as new roles inside the company, as it expands worldwide and increases its product offering with more market-leading capability.
In 2020, the Danish startup raised $30M in capital after 20 years of bootstrapping. According to Crunchbase, the Series A round was the single largest SaaS investment in a bootstrapped firm in the Nordics.
Keepit is a backup-as-a-service startup(BaaS) that specialises in preserving data from SaaS platforms like Microsoft 365, Salesforce, Dynamics 365, and G Suite. It was founded in 2007 by Frederik Schouboe, and Morten Felsvang. It offers specific data protection for companies with cloud-based data. Further, Keepit is vendor-agnostic, independent cloud dedicated to SaaS data security based on a blockchain-verified solution.
Frederik Schouboe, CEO and co-founder of Keepit, said: “This additional funding 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 in Denmark added: “Silicon Valley Bank is extending its partnership with 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.”
