The Spanish insurtech company Bdeo has raised €7.5 million (over $8.1 million) for its international expansion in Europe and Latin America. The funding round saw the participation of Íope Ventures, the investment vehicle created by Wayra and Telefónica Seguros in September 2022, according to a statement.
Founded in 2017 by Julio Pernía and Manuel Moreno, Bdeo offers AI-based technology that detects damages in vehicles and homes, significantly speeding up claims resolution and insurance underwriting processes.
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Telefónica stated that Bdeo manages approximately 50% of motor insurance subscriptions and collaborates with eight of the top 10 insurers in the market. The company plans to leverage visual intelligence to explore new use cases and expand its presence in Europe and Latin America.
In addition to Íope Ventures, Bdeo will welcome new investors to support its expansion plans, including Hollard, Armilar, and the Center for Technological Development and Innovation (CDTI) through K Fund. Existing investors K Fund and Blackfin will also participate in this funding round. Bdeo has also received grants from CAM and red.es, as mentioned by Telefónica.
How does it impact venture capital?
- The successful funding round for Bdeo demonstrates investor confidence in the insurtech sector, particularly in Europe and Latin America.
- The participation of Íope Ventures and other investors highlights the growing interest and support for innovative startups in the insurance technology space.
- The injection of funds into Bdeo’s expansion plans may attract further venture capital investment in the insurtech industry, fostering growth and opportunities for other startups in the sector.
How does it impact startups?
- The funding secured by Bdeo showcases the availability of investment opportunities and potential growth in the startup ecosystem, particularly in the insurtech industry.
- The expansion plans of Bdeo highlight the potential for startups to enter new markets and expand their reach internationally.
- The success of Bdeo’s funding round may inspire and encourage other startups to pursue investment opportunities and explore new avenues for growth and expansion.
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