Data protection platform Keepit has reportedly collected $22.5m in a debt financing facility as part of a partnership with Vaekstfonden, a Danish growth fund.
With the capital, Keepit plans to further its international expansion efforts, hire more staff and bolster its product development, according to a report from FinTech Finance News. Funds will also be used for strategic growth initiatives, such as cash runways ahead of other funding rounds.
Denmark-based Keepit protects SaaS data in cloud services like Microsoft 365, Azure Active Directory, Salesforce, Dynamics 365 and Google Workspace. Its services enable teams to easily meet compliance with GDPR and other data security regulations.
Its technology ensures data protection against intruders and also has a backup of the information should anything happen to it.
Keepit CEO and co-founder Frederik Schouboe told FinTech Finance News, “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.”
The company previously raised $30m in an investment back in September 2020.
Earlier in the year, Danish neobank Lunar extended its Series D by $77m. The FinTech company, which boasts investors such as actor Will Ferrell, is valued at $2bn.
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