Madrid-based insurtech company Bdeo has just secured €5 million in Series A funding to continue growing in Europe and Latin America. The round was led by BlackFin, and joined by previous backers K Fund and Big Sur Ventures who invested €1 million in Bdeo’s seed round in 2019.
The 'visual intelligence' platform digitises some standard tasks in the insurance world, such as interactions between the insurance firms and policy holders, new policy subscriptions and claim management — via automatic video calls and image technology that records documents. The results are a more efficient in-house team and happier clientele. “Our technology reduces the operational costs of insurers by up to 70 percent while radically improving the experience of policyholders, increasing their NPS by 20 points on average,” said Julio Pernía, CEO and co-founder of Bdeo. Since its founding three years ago, the Spanish startup has grown to serve 30 insurance companies in 19 countries. Though strengthening its position in Spain and Latin America is important, Bdeo wants to expand into non-Spanish speaking areas of Europe with the help of the new funding.
The team will expand, too, growing from offices in Madrid and Mexico City to total 120 people in two years. “We want to bring in the best talent in all areas: product, artificial intelligence and business development. That is our focus at the moment: hiring the best talents,” Pernía added.
Photo: Bdeo team