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 funds should help with supporting further global expansion, hiring, and product development as it continues to scale operations and build out its platform for SaaS data protection.
Keepit will use the proceeds for strategic growth efforts, further extend its cash runway ahead of future rounds, and minimize dilution during this key growth phase.
Keepit intends to use the debt facilities to support the creation of various services and capabilities along with new roles within the organization as it grows globally and adds more functionality to its product offering.
Established in 2007 in Copenhagen, Denmark, Keepit is a key player in Cloud backup and recovery and claims to be the world’s only independent, vendor-neutral cloud dedicated to SaaS data protection with a blockchain/DLT-verified solution being sold across the globe.
The financing from Silicon Valley Bank has come after Keepit’s $30 million Series A round back in 2020.
Frederik Schouboe, CEO and co-founder of Keepit, said:
“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, remarked:
“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.”