As the need for cloud solutions continues to grow, the demand for cloud-based data protection and backup solutions will only become more stable. The cloud archiving market is a huge green market worth around € 10.1 billion a year, which is expected to continue to grow by 30% CAGR over the next five years.
Copenhagen-based cloud archiving platform Save it has raised $ 22.5 million in debt financing from Silicon Valley Bank (SVB) in partnership with Weekly funds. The new funding will stimulate the international expansion of the platform and product development as it continues to scale its SaaS data protection platform.
After 20 years of start-up, the Danish company has raised $ 30 million in funding in 2020. The A-Series round was the largest single investment in SaaS in a start-up company in the Nordic countries, according to Crunchbase.
Founded in 2007, Keepit is a backup service provider that specializes in protecting data from SaaS solutions such as Microsoft 365, Salesforce, Dynamics 365 and G Suite.
Frederick SchuboCEO and co-founder of Keepit, said: “This additional funding allows us to accelerate our key strategic plans to fuel the next phase of growth for Keepit.
Sebastian Penn, Managing Director of Silicon Valley Bank in Denmark added: “Silicon Valley Bank is expanding its partnership with Keepit. It is great to see additional funding in the Danish innovation economy and Keepit is innovating to support the growth of the wider SaaS ecosystem.