A European SaaS data protection firm has revealed its UK plans after securing around £31 million in a refinancing package with HSBC Innovation Banking.

Keepit, founded in 2007 in Denmark, reached £675,000 in net new annual recurring revenue in the UK for last fiscal year.

CEO and co-founder Morten Felsvang told BusinessCloud that to date it has served the UK out of its Copenhagen headquarters, but recently opened an office in the heart of London.


“The London team is currently seven people, but we are hiring additional staff and will have 10 team members by the end of calendar Q2,” he said.

“The UK has a robust and ever-growing tech landscape that has always embraced leading edge technology and will deliver significant growth to Keepit over the coming 12-18 months and beyond.

“Our target for this year – which we are on track to achieve – is in excess of £1.5m net new ARR. We have doubled the team and will increase the headcount by a further 25%.”

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HSBC Innovation Banking provided the refinancing package in partnership with The Export and Investment Fund of Denmark (EIFO). It follows Keepit’s $30m Series A funding round in 2020, and a total of $22m debt financing in 2022 from Silicon Valley Bank UK, now HSBC Innovation Banking, and Vækstfonden, now the EIFO. This followed almost two decades of boostrapping.

A leader in SaaS backup and recovery, it is described as the world’s only vendor-independent cloud dedicated to SaaS data protection. 

Felsvang told us that Keepit would launch a new partner programme in the UK later this month.

“Our strategy is 100% partner centric, and we are very grateful to the support from our existing partners,” he added. “We look forward to further strengthening our position in the UK market and welcoming new partners in 2024.”

Jean-Laurent Pelissier, managing director and head of enterprise software at HSBC Innovation Banking UK, added: “We’re delighted to continue our relationship with Keepit by providing this new facility, which will support Keepit to further its presence across new geographies, grow its team and innovate across its product offering. 

“Our agility, expertise, international and robust network is also helping businesses like Keepit to scale and open up a world of opportunity as they reshape our world. This is an exciting milestone in our long-term partnership with Keepit and we’re proud to be part of this next step in the company’s journey alongside the EIFO.”

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