Keepit has another $50 million to grow its portfolio capabilities and its geographic reach in a fast-growing cloud-based SaaS data backup and protection market that is populated by such giants as Amazon Web Services (AWS), Microsoft, Hewlett Packard Enterprise, and Dell Technologies.
The 17-year-old company based in Copenhagen, Denmark, this week announced its third round of capital that more than doubled the previous two combined, bringing the total investment in Keepit to $90 million.
CEO Morten Felsvang told MSSP Alert that the money will mean more product features for both the organizations Keepit sells to and the MSSPs and MSPs that it relies on to extend its reach among enterprises.
“Partners play a vital role in scaling deployment, integrating solutions with existing IT environments, and ensuring customers receive tailored support for their unique data protection needs,” Felsvang said. “Strengthening this network is a strategic priority for Keepit as it grows its presence globally.”
A Vendor-Independent Cloud
Keepit looks to separate itself from competitors by offering a platform that is independent from vendors and that runs on the company’s own cloud, with the goal of giving enterprises the option of a single place for backing up and protecting their data from whatever SaaS application they’re using. Given the increasing reliance enterprises have on these applications, data protection is key to ensuring business continuity, regulatory compliance, and cyber resilience, according to the CEO.
“Keepit’s platform is unique because it is cloud-native and vendor-independent, meaning organizations retain control and access to their data even if their SaaS provider experiences outages or issues,” he said. “Unlike competitors, Keepit uses separate, immutable storage with no sub-processors, ensuring compliance with local regulations and robust defense against threats like ransomware.”
It’s an area that’s growing in importance, with the cloud backup market expected to grow from about $5.71 billion this year to $17.29 billion by 2029 as cloud adoption grows and the cyberthreat landscape becomes increasingly active and complex.
The additional $50 million in investment – the funding round was led by existing investor One Peak and EIFO, the Export and Investment Fund of Denmark – gives Keepit executives more fuel to drive their product innovation ambitions.
The company plans to broaden the workloads it covers and include advanced data management and intelligence capabilities, Felsvang said, adding that the upgrades will “provide enterprises with more comprehensive and reliable tools for safeguarding SaaS data, strengthening cyber resilience, and ensuring seamless data management across applications and systems.”
US, European Expansion
At the same time, there will be a greater focus on expanding in high-growth regions like the United States and Europe, where it already has operations to help support Keepit’s more than 5 million global users. However, scaling the vendor’s impact and solidifying its leadership in SaaS data protection requires further expansion into such markets.
“The U.S., as a significant technology hub, offers opportunities for strategic partnerships and customer acquisition, while Europe’s diverse regulatory landscape presents a demand for Keepit’s compliant and secure solutions,” Felsvang said. “Growth in these areas will allow Keepit to strengthen its competitive position and better support its global customer base.”
Protecting SaaS Applications
Keepit’s platforms cover a range of enterprise SaaS applications, such as Microsoft 365, Entra ID, Dynamics 365, Power Platform, and Azure DevOps. Others include Google Workspace, Salesforce, and Zendesk.
According to the vendor, the platform is built to be set up in five minutes – no matter the size of the company – and includes features like instant restore, job monitoring, a focus on APIs, access control, audit logs and compliance, and customized retention capabilities.
It also offers data monitoring with insights and security features that include encryption for data at rest and in transit and backup data stored in two separate, mirrored locations and kept separate from the production environment.
At the same time, Keepit operates data centers in North America, Europe, and Asia, which the company says make data sovereignty easier. When data is stored in a region, it never leaves it.
