Keepit Upsizes and Refinances Credit Facilities to $60 Million

Keepit A/S, a SaaS data protection vendor, announced a strategic financial update to upsize and refinance its credit facilities amounting to $60 million from the Export and Investment Fund of Denmark (EIFO) and HSBC Innovation Banking. This move is designed to leverage the recent $50 million funding round from December 2024.

Financing overview and strategic rationale
The refinancing plan consists of upsizing by $20 million and refinancing $40 million of existing HSBC Innovation Banking/EIFO facilities. The total facility will increase from $40 million pre-financing to $60 million post-financing with only a portion of the previous amount drawn today. The company aims to build upon the momentum from the funding round in December 2024, reflecting strong growth.

Company position and future outlook
Keepit is positioned strongly with cash reserves projected to remain robust for years ahead. The company has experienced significant growth since the previous year. Keepit is expanding its market focus towards larger clients, having demonstrated relevance and value to this segment. The additional funds raised will be directed toward future-proofing the organization, supporting ongoing product development, innovation, and efforts to deepen market penetration.

“At Keepit, we are committed to driving innovation and ensuring the highest level of data protection for our clients. This strategic financial move not only strengthens our financial position but also enables us to continue our growth trajectory and expand our market presence. We are excited about the future and the opportunities that lie ahead,” said Morten Felsvang, co-founder and CEO, Keepit.

“Innovation and continuous improvement are driving us to reimagine the future of data resilience for our customers. With a strengthened financial foundation, we’re poised to create enduring, breakthrough solutions that will stand the test of time,” said Frederik Schouboe, co-founder and CVO, Keepit.

“At HSBC Innovation Banking, we’re proud to be supporting Keepit, with the support and tools they need to fuel their growth and capitalise on their next opportunity. We are delighted to be marking this next milestone in our relationship with Keepit, and playing our part as the company continues its journey,” said Sebastian Penn, Head of Nordics, HSBC Innovation Banking.

“EIFO is delighted to continue our long term partnership with Keepit. This strategic financial move aligns with our mission to support the growth and international expansion of Danish companies. We believe in Keepit’s vision and are excited to see their continued success,” said Kim Lundberg, director, tech & venture lending, EIFO.