Danish BaaS startup Keepit ends 20-year-long bootstrapping streak; secures €25M

As the market for cloud solutions continues to grow, so does the requirement for cloud-based data protection and backup solutions. While the cloud providers offer uptime and data protection against intruders, they do not offer a built-in backup solution of the SaaS data. 

This makes Backup-as-a-Service (BaaS) a massive market as every end customer utilising a cloud solution needs third-party backup. Creating a backup of cloud data can be a tedious task, but Keepit offers a solution with its Backup-as-a-Service software.

Raised €25M

Based out of Copenhagen, Keepit specialises is one such startup that specialises in cloud-to-cloud backup services for enterprises. After 20 years of bootstrapping, the Danish Backup-as-a-Service provider announces $30M (approx €25M) from growth investor One Peak. 

“We are thrilled to partner with the One Peak team. The cloud backup market is a market with a few, but large, global players, and we need to build awareness and trust for our future customers, which is now possible with the support of One Peak,” says Frederik Schouboe, CEO and Co-founder of Keepit.

Doubling headcount, satellite offices around world

The company intends to use this funding to double the numbers of employees in its offices in Copenhagen, Denmark, and Lviv, Ukraine, as well as their satellite offices around the world, including the US

David KleinManaging Partner at One Peak, says, “We are incredibly excited to back Keepit and its founders as we share their view that there is a huge global opportunity in data protection and recovery, driven by the accelerating move to the cloud. Keepit has a unique technology stack, a strong infrastructure footprint, and is led by two world-class repeat entrepreneurs – Morten and Frederik – who have multiple successful exits on their CV and a proven ability to execute.”

Banking on Backups

Founded by Frederik Schouboe, and Morten Felsvang, Keepit is a Backup-as-a-Service (BaaS) provider, specialising in protecting data from SaaS solutions such as Microsoft 365, Salesforce, Dynamics 365, and G Suite. According to the company, BaaS is a massive greenfield market worth $12B (nearly €10.1B) per year which is expected to continue growing at a 30% CAGR over the next five years.

Schouboe,, says, “We believe that we have the most secure, most agile and scalable solution in the market when it comes to data protection of cloud data. With the support of One Peak, we can continue our amazing growth journey in Europe and in the US where we just signed our biggest client yet, protecting its more than 30,000 employees.”

Main image credits: Keepit