As the need for cloud solutions continues to grow, the demand for cloud-based data protection and backup solutions will only get more robust. The cloud backup market is a massive greenfield market worth around €10.1 billion per year, which is expected to continue growing at a 30% CAGR over the next five years.
Copenhagen-based cloud backup platform Keepit has raised $22.5 million in debt financing from Silicon Valley Bank (SVB) in partnership with Vaekstfonden. The new funding will drive the platform’s international expansion and product development as it continues to scale its SaaS data protection platform.
After 20 years of bootstrapping, the Danish company had raised $30 million in funding in 2020. The Series A round was the single largest SaaS investment in a bootstrapped company in the Nordics, according to Crunchbase.
Founded in 2007, Keepit is a Backup-as-a-Service provider which specialises in protecting data from SaaS solutions such as Microsoft 365, Salesforce, Dynamics 365, and G Suite.
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.”